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News Spotlight: Bio-Techne Corporation (NASDAQ:TECH)

Bio-Techne Corporation (NASDAQ:TECH) stock observed trading -0.61% off 52-week high price. On the other end, the stock has been noted 55.61% away from low price over the last 52-weeks. The stock disclosed a move of 4.16% away from 50 day moving average and 13.42% away from 200 day moving average. Moving closer, we can see that shares have been trading 3.92% off 20-day moving average. It has market cap of $7826.94M and dividend yield of 0.62%.

Bio-Techne Corporation (NASDAQ:TECH) released that it has reached agreement to acquire all of the stock of B-MoGen Biotechnologies Inc. The transaction has been completed and is being financed through available cash on hand.

Charles R. Kummeth, President and Chief Executive Officer of Bio-Techne commented “We are very pleased to include the B-MoGen technology in Bio-Techne’s expanding portfolio of products that serve the rapidly growing cell and gene therapy markets”.  “B-MoGen’s technologies solve the most complex gene editing problems with proprietary, cutting edge gene editing and delivery tools, enabling and accelerating growth in immunotherapy treatments. This technology holds the promise of being able to deliver personalized therapeutic agents that have greater target effect and less off-target side effects. We are excited to continue to build our portfolio in cell and gene therapy workflow solutions, from cGMP grade antibodies and proteins for cell activation and expansion to the novel releasable, non-magnetic, Quickgel™ technologies. B-MoGen’s key non-viral vector technology obviates several concerns associated with the use of viral vectors, including simplification of the entire vector manufacturing process, reduced biosafety concerns related to cytotoxicity, mutagenesis or malignant transformation of target cells and greater flexibility in payload size. The above assets represent key components of our burgeoning cell and gene therapy offering.”   

B-MoGen Biotechnologies’ President and Chief Executive Officer Jeff Liter added, “Given our shared goal to move our products into clinical and commercial applications, there is a great strategic fit between the two companies. Our technology has delivered favorable results to those that have evaluated it and now with the resources and reagents Bio-Techne can provide, we will move more expeditiously to commercialize our technology. We are delighted with this transaction and we are pleased to have found a local home for our products and technology. The broad array of products, along with additional marketing and commercial resources, will serve our customers more efficiently and allow our products to be available on a global scale.”

B-MoGen Biotechnologies of Minneapolis was founded in 2015 as a startup out of the University of Minnesota and has approximately 20 employees. Co-founders include University of Minnesota researchers David Largaespada, Branden Moriarity and Beau Webber.

Fredrikson & Byron, P.A. is serving as Bio-Techne’s legal counsel. Dorsey & Whitney LLP 

is serving as legal counsel to BMoGen Biotechnologies.

 The USA based company Bio-Techne Corporation moved with change of 1.32% to $206.57 with the total traded volume of 124968 shares in recent session versus to an average volume of 153.59K. The stock was observed in the 5 days activity at 6.62%. The one month performance of stock was -0.38%. TECH’s shares are at 8.00% for the quarter and driving a 34.42% return over the course of the past year and is now at 42.74% since this point in 2018.  Right now the stock beta is 1.23. The average volatility for the week and month was at 2.61% and 2.40% respectively. There are 37.89M shares outstanding and 37.73M shares are floated in market.

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