Merck KGaA has agreed to acquire life sciences company Bio-Techne Corporation for $11.3bn, representing one of the largest financial outlays by a drugmaker so far this year.
As per the deal, Merck will pay $73 for each of Bio-Techne’s US-listed shares, representing a 36% premium to the company’s one-month volume weighted average trading price. The offer is a 25% premium to Bio-Techne’s last market close of $58.88 on 24 June.
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Bio-Techne, which is headquartered in the US but has a significant global presence, develops and manufactures life science reagents, analytical instruments, and clinical diagnostics. The company also supplies proteins, antibodies, and small molecules used in drug development.
Bio‑Techne operates in 34 locations worldwide and employs approximately 3,100 people. In fiscal year 2025, the company generated over $1.2bn in net sales.
Merck said the takeover would help support customers from the discovery and translational research stage through to development, testing and commercial manufacturing. The German drugmaker also said Bio-Techne would bring a “recognised portfolio of cytokines, growth factors, antibodies, and immunoassay kits.”
The deal is Merck’s largest since it spent $17bn on acquiring Sigma-Aldrich, also a life sciences tool manufacturer, in 2015. Both the Bio-Techne and Sigma-Aldrich takeovers are part of Merck’s ongoing strategy to expand its already prominent footprint in the life sciences sector and reduce revenue reliance solely on marketed drugs.
The acquisition marks the first under the watch of new CEO Kai Beckmann, who took over from Belén Garijo in September 2025. In May this year, Beckmann described the company’s pipeline as “rather slim” in a conference call, pledging a focus on M&A to bolster product offerings.
Commenting on the Bio-Techne deal, Beckmann said: “This transaction is an important milestone towards delivering on our mid- to long-term strategic agenda. Bio-Techne is an outstanding fit that directly supports our strategic direction focused on delivering cutting-edge products and solutions across the entire industry value chain – from lab customers to those manufacturing in the biotech and pharmaceutical industries.”
Compared to other big pharma companies, Merck has been on the quieter side of dealmaking – its $3.9bn acquisition of SpringWorks Therapeutics in April 2025 was its largest in years. Buoyed by biopharma industry optimism, Mercks outlay on Bio-Techne could signify the start of a new M&A impetus under Beckmann.
US pharma and life sciences deal value in Q1 2026 surpassed $65bn, marking the strongest quarter since pandemic-related highs in 2020. GlobalData’s State of the Biopharmaceutical Industry 2026 (Mid-Year Update), meanwhile, found that 55% of respondents felt optimistic or very optimistic about industry growth over the next 12 months.
Many of the largest deals by pharmaceutical companies so far this year have been by non-US players, with Merck now added to that list too. India-based Sun Pharma spent $11.75bn to buy Organon in April, while British drugmaker GSK bought cancer specialist Nuvalent for $10.6bn in June.
