BIO-TECHNE Corp (TECH)

Bio-Techne Corporation develops, manufactures and sells life science reagents, instruments and services for the research, diagnostics and bioprocessing markets worldwide. Its products support scientific investigation of biological processes and molecular diagnostics, aid drug discovery, and provide the means for clinical tests and diagnoses. The company is a Minnesota corporation founded in 1976 as Research and Diagnostic Systems, Inc., and became publicly traded in 1985 through a merger with Techne Corporation. Its common stock trades on NASDAQ under the symbol "TECH." It has grown in part through acquisitions, including Lunaphore at the start of fiscal 2024 and a 19.9% investment in Wilson Wolf in fiscal 2023, with the remaining ownership to be acquired by the end of calendar 2027. The company also disclosed a pending merger agreement dated June 25, 2026 with Merck KGaA, Darmstadt, Germany, under which it would become a wholly-owned subsidiary at $73.00 per share in cash.

The business has two segments. Protein Sciences, about 72% of fiscal 2026 net sales, has two divisions. Reagent Solutions offers cytokines, growth factors, antibodies, small molecules, tissue culture sera and cell selection technologies, including cGMP-grade proteins for cell and gene therapy, under brands such as R&D Systems, Tocris Biosciences and Novus Biologicals. Analytical Solutions offers manual and automated protein analysis instruments and immunoassays, including multiplex immunoassays, automated western blotting and isoelectric focusing, under the R&D Systems and ProteinSimple brands. Diagnostics and Spatial Biology, about 28% of net revenues, also has two divisions. Spatial Biology includes Advanced Cell Diagnostics in-situ hybridization assays (RNAscope) and Lunaphore's automated COMET hyperplex spatial biology instrument. The Bio-Techne Diagnostic division supplies regulated calibrators, controls and reagents for hematology, blood chemistry, blood gases and coagulation, plus genetic carrier screening, oncology and molecular control products under the Asuragen brand. The company introduced over 1,900 new products in fiscal 2026.

Customers include academic and industry researchers, chiefly pharmaceutical and biotech companies and contract research organizations, as well as diagnostic, companion diagnostic and cell and gene therapy developers. Biologics products in Analytical Solutions are used mainly by production and quality control departments at biotech and pharmaceutical companies. Asuragen products are sold mainly to laboratories for lab-developed tests or as regulated diagnostic kits. Most Bio-Techne Diagnostic sales are made on an OEM basis to instrument manufacturers. Sales are made directly, mainly in North America, Europe and China, through a distribution agreement with Thermo Fisher Scientific, and through third-party distributors in China, Japan, certain eastern European countries and elsewhere. No customer exceeded 10% of segment sales in fiscal 2024 through 2026.

Global headquarters are in Minneapolis, Minnesota, with offices across North America, Europe and Asia. Most of the hundreds of thousands of products are made in-house at multiple sites in North America, the U.K., Canada, Switzerland and China, using electronic components, chemicals and biological materials. No single supplier is material, though some components have single or limited sources, which the company addresses with safety stock, alternative materials and multiple qualified sources. Most products ship within a day of order, and instruments and cartridges within one to two weeks. Competitors range from large global companies to smaller niche firms, and none offers all of the company's product lines. Competition is based on price, quality, performance, delivery speed, technology, breadth of offering and brand recognition. Revenue shows some seasonality tied to academic and vacation schedules, and Diagnostics sales can fluctuate because products are made in bulk lots and sold on customer schedules.