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Techne Corporation Releases Unaudited Third Quarter and Nine Month Fiscal Year 2012 Results
Date:5/1/2012

any's investments in unconsolidated entities.  The tax rate for the remainder of fiscal 2012 is expected to be 31% to 33%.In September 2011, the Company entered into a $10.0 million loan agreement with ChemoCentryx, Inc. (CCXI).  The loan agreement contained a number of conversion features contingent upon CCXI obtaining future debt or equity financing.  The agreement also included a $5.0 million commitment by the Company to participate in a private placement in the event of a successful public offering of CCXI shares.  With CCXI's completion of its initial public offering during the quarter ended March 31, 2012, the loan plus accrued interest was converted to common shares and the Company purchased the additional $5 million of common equity as required by its previous commitment. At March 31, 2012, the Company's investment in CCXI was included in short-term available-for-sale investments at its fair market value of $66.5 million. The Company's unrealized gain of $37.0 million, net of deferred tax liability of $13.2 million, was included in accumulated other comprehensive income at March 31, 2012.  The Company's investment in CCXI was $14.3 million at June 30, 2011 and was included in other non-current assets.

The Company repurchased 45,983 and 309,010 shares of its common stock during the quarter and nine months ended March 31, 2012, respectively, for approximately $3.1 million and $21.3 million.  Approximately $29.3 million remains available at March 31, 2012 for the repurchase and retirement of shares under the currently open authorization.

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