Bio-Techne to acquire ProteinSimple
Bio-Techne, a global life sciences company providing innovative bioactive tools and resources for the research and clinical diagnostic communities, will acquire ProteinSimple for $300 million in cash.
ProteinSimple develops and commercializes proprietary systems and consumables for protein analysis that ultimately help reveal new insights into the true nature of proteins. ProteinSimple tools have revolutionized the analysis of proteins and provide a level of reliability, ease of use and performance that improves overall productivity and consistency in lab results.
At the core of the ProteinSimple success story is the Simple Western. The most recent instrument in the Simple Western family is Wes, which can deliver 25 Western blot results in less than three hours. Western blotting remains one of the most frequently practiced life science techniques and providing tools that speed up and improve this process is highly desirable in the competitive research field. ProteinSimple also provides high-throughput Western blotting instruments (Peggy Sue and Sally Sue), which further drive lab productivity.
ProteinSimple is based in Santa Clara, Calif., and has over 200 employees. It also has manufacturing operations in Canada and sales offices in Japan and China. ProteinSimple has a robust and growing revenue stream from the sale of consumables associated with each of the instruments. ProteinSimple revenues for the last 12 months ending May 31 were $57.1 million, a 30% increase the previous year.
Bio-Techne is a developer and manufacturer of purified proteins—notably cytokines and growth factors, antibodies, immunoassays and biologically active small molecule compounds, which are sold to biomedical researchers and clinical research laboratories. ProteinSimple customers include pharma and biotech companies.
ProteinSimple will continue as a division of Bio-Techne under the leadership of ProteinSimple CEO Tim Harkness. The ProteinSimple leadership team will remain in place following the closing.