Techne Corporation(NASDAQ:TECH) Subsidiary to Acquire PrimeGene

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Techne Corporation(NASDAQ:TECH) announced that its R&D Systems China subsidiary has entered into an agreement to acquire 100% of the ownership interest of Shanghai PrimeGene Bio-Tech. PrimeGene is a leader in the China market in the development, manufacture and distribution of recombinant proteins for research and diagnostic applications. The transaction is expected to close in the Q4, subject to the satisfaction of certain closing conditions. The acquisition is not subject to any financing contingencies. Wang Huisheng will continue to serve as General Manager of PrimeGene following the closing.

Analysts have a consensus price target of $87 on Techne Corporation(NASDAQ:TECH) which indicates a 2.75% upside. The consensus rating of the stock is a BUY with a score of 2.75. There are currently 1 Hold rating and 3 Buy ratings on the stock.

A recent analyst action consisted of William Blair upgrading the stock from Market Perform to Outperform.

 

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