Bio-Techne (NASDAQ:TECH), a Minneapolis, MN-based company engaged in the development, manufacture and sale of biotechnology products and clinical calibrators and controls, completed the acquisition of CyVek, a Wallingford, CT-based developer of multi-analyte immunoassay technology, for $60m in cash.
The transaction, which will be financed through a combination of cash on hand and a revolving line of credit facility, also included a potential earn-out payment of up to $35m based on CyVek revenue over the 30-month period following the closing and an additional potential earn-out payment based on CyVek revenue through 2020 in excess of $100m.
Founded in 2010 by Kevin Didden and Hellsund, CyVek has developed an immunoassay technology, CyPlexTM, which integrates a microfluidic cartridge with an analyzer to deliver efficient immunoassay system.
The CyPlex™ System offers several applications, from life science research to drug discovery, personalized medicine, diagnostics, and point-of-care testing.
The company is a portfolio company of Connecticut Innovations, which invested approximately $2m in CyVek since 2010 and expects a return of approximately three times that amount.
It has about 40 employees.