A Minnesota life sciences company said it had agreed to buy Wallingford biochemical test maker CyVek for as much as $195 million in cash and incentives.
Bio-Techne Corp. said it would pay $60 million in cash, plus an additional revenue-based, earn-out payments worth as much as $135 million through 2020.
Connecticut Innovations is expected to benefit from the deal. The state’s quasi-public venture capital arm invested more than $1.7 million in CyVek over the past five years.
Bio-Techne said the deal is the result of CyVek, which has 40 employees at its headquarters, hitting previously agreed upon commercial milestones.
CyVek makes tests called immunoassays, which allow researchers to measure molecules in blood and other biological materials. Bio-Techne, which has more than 1,000 employees and $358 million in net sales, manufactures purified proteins for researchers and laboratories.
