Purchase price of US$73 per share in cash represents an enterprise value of US$11.3 billion (EUR 9.9 billion)

每股73美元的现金收购价对应113亿美元（99亿欧元）的企业价值

Proposed acquisition expected to be immediately accretive to sales growth and EBITDA pre margin post-closing, and EPS pre accretive by year 3 after closing

拟议收购预计在交易完成后立即促进销售增长并提升息税折旧摊销前利润（EBITDA）利润率，且在交易完成后的第三年实现每股收益（EPS）增厚。

U.S.-based Bio-Techne to bring portfolio with industry-leading multi-omics offering, analytical technologies and integrated workflow solutions across the scientific journey

总部位于美国的Bio-Techne将带来涵盖行业领先的多组学产品、分析技术以及贯穿科研全流程的一体化工作流解决方案的产品组合

Would deliver on Merck’s growth agenda by expanding presence in high-growth, next-generation life sciences markets and further strengthening the position as a leader along the full life science value chain

将通过扩大在高增长的下一代生命科学市场的布局，并进一步巩固在整个生命科学价值链上的领先地位，从而推动默克公司增长战略的实施。

Would add complementary strengths across research, bioprocessing and advanced therapeutics, bolstering Merck's offering in next-generation biology

将在研究、生物加工和先进疗法领域形成互补优势，从而加强默克在下一代生物学领域的产品布局

Synergistic platform would broaden offerings, accelerate Merck's innovation pipeline and increase Bio-Techne's geographic and omnichannel access for customers

协同平台将拓宽产品供应，加速默克的创新管线，并扩大Bio-Techne在地理覆盖和全渠道方面的客户触达能力

Merck expects annual cost synergies of approximately EUR 140 million, which are anticipated to be fully realized by year 3 after closing

默克公司预计每年将实现约1.4亿欧元的成本协同效应，并预计在交易完成后的第三年内全面实现。

Merck, a leading science and technology company, and Bio-Techne Corporation (NASDAQ: TECH), a Minneapolis-based global provider of life science tools, analytical technologies, and consumables, today entered into a definitive agreement pursuant to which Merck will, subject to customary closing conditions, acquire Bio-Techne for US$73 per share in cash, representing a total enterprise value of approximately US$11.3 billion (EUR 9.9 billion), a 36% premium to Bio-Techne’s one-month volume weighted average trading price..

领先的科技公司默克集团与总部位于明尼阿波利斯、全球领先的生命科学工具、分析技术及耗材供应商 Bio-Techne 公司（纳斯达克股票代码：TECH）今日签署最终协议，根据该协议，在满足惯例交割条件的前提下，默克将以每股 73 美元现金收购 Bio-Techne，交易企业总价值约为 113 亿美元（99 亿欧元），较 Bio-Techne 一个月成交量加权平均交易价格溢价 36%。

The transaction would bring together two highly complementary and leading life sciences organizations, uniquely positioned to support customers across the full spectrum of life science workflows – from discovery and translational research through development, testing and commercial manufacturing. Additionally, it would directly deliver on Merck’s mid- to long-term strategic agenda, which focuses on high-growth value drivers, integrated workflows, platformed capabilities and scaling and sourcing innovation through M&A..

此次交易将把两家高度互补且处于领先地位的生命科学组织汇聚在一起，使其具备独特的优势，能够支持客户覆盖生命科学全流程的工作需求——从发现与转化研究，到开发、测试及商业化生产。此外，该交易还将直接推动默克公司中长期战略议程的落实，其重点聚焦于高增长价值驱动因素、集成化工作流程、平台化能力，以及通过并购实现创新的规模化与资源获取。

“This transaction is an important milestone towards delivering on our mid- to long-term strategic agenda. Bio-Techne is an outstanding fit that directly supports our strategic direction focused on delivering cutting-edge products and solutions across the entire industry value chain – from lab customers to those manufacturing in the biotech and pharmaceutical industries,” said Kai Beckmann, Chairman of the Executive Board and Group CEO of Merck.

“此次交易是我们实现中长期战略议程的重要里程碑。Bio-Techne 与我们高度契合，直接支持我们的战略方向，即致力于在整个行业价值链——从实验室客户到生物技术和制药行业的制造商——提供尖端产品与解决方案。”默克集团执行董事会主席兼首席执行官凯·贝克曼表示。

“By combining Bio-Techne’s scientific depth, innovation engine and differentiated portfolio with Merck’s global scale, manufacturing excellence and customer reach, we are in a strong position to address some of the most important opportunities in life sciences and support our customers in accelerating the next generation of scientific discovery and therapeutic innovation.

“通过将Bio-Techne的科学深度、创新引擎和差异化产品组合与默克的全球规模、卓越制造能力和客户覆盖相结合，我们处于有利地位，能够把握生命科学领域的一些最重要机遇，并支持客户加速下一代科学发现和治疗创新。”

This positions us to deliver compelling strategic and financial benefits for shareholders, customers and employees.”.

这使我们能够为股东、客户和员工带来引人注目的战略和财务利益。

“Building on our strong track record in the Life Science Business, this transaction strengthens our presence in some of the most exciting and fastest-growing areas of the life sciences, including multi-omics, spatial biology, precision diagnostics and cell and gene therapy,' said Jean-Charles Wirth, Member of the Executive Board of Merck and CEO Life Science.

“依托我们在生命科学业务领域的强劲业绩记录，此次交易加强了我们在生命科学领域一些最令人振奋且增长最快的细分市场的布局，包括多组学、空间生物学、精准诊断以及细胞与基因治疗。”默克集团执行董事会成员兼生命科学业务首席执行官让-夏尔·维尔特（Jean-Charles Wirth）表示。

“It adds capabilities across our Discovery Solutions, Advanced Solutions and Process Solutions offerings, to support customers across increasingly complex scientific workflows.”.

“它在我们的发现解决方案、高级解决方案和流程解决方案产品组合中增加了功能，以支持客户应对日益复杂的科学工作流程。”

“For 50 years, Bio-Techne has enabled scientific breakthroughs across proteomics, spatial biology, and novel therapeutics,” said Kim Kelderman, President and Chief Executive Officer of Bio-Techne. “This transaction is a testament to the remarkable company our team has built and to the enduring value we create for our customers and stakeholders.

“五十年来，Bio-Techne 推动了蛋白质组学、空间生物学和新型疗法领域的科学突破，”Bio-Techne 总裁兼首席执行官 Kim Kelderman 表示。“此次交易证明了我们团队所打造的卓越公司，以及我们为客户和利益相关者创造的持久价值。”

As part of Merck, we will have greater scale and expanded capabilities to accelerate innovation and deepen our impact. Together, we will empower our customers to tackle the most important challenges in science and healthcare, helping to improve outcomes worldwide.”.

作为默克公司的一部分，我们将拥有更大的规模和更强大的能力，以加速创新并深化我们的影响力。我们将携手赋能客户，应对科学与医疗健康领域最重大的挑战，助力改善全球的健康 outcomes。

“Following a thorough review, Bio-Techne’s Board of Directors determined that this transaction represents an excellent opportunity for Bio-Techne and delivers substantial, near-term cash value to shareholders,” said Robert V. Baumgartner, Chairman of the Board of Directors of Bio-Techne. “We are confident that, as part of Merck, Bio-Techne will be well positioned to leverage its strong foundation and expand its impact across life sciences.”.

Bio-Techne 董事会主席 Robert V. Baumgartner 表示：“经过全面审查，Bio-Techne 董事会认为，此次交易为 Bio-Techne 带来了绝佳机遇，并为股东创造了显著的近期现金价值。”“我们相信，作为默克公司的一部分，Bio-Techne 将能够凭借其坚实的基础，进一步扩大在生命科学领域的影响力。”

Adding Differentiated Technologies Across the Life Science Value Chain

在生命科学价值链中引入差异化技术

Bio-Techne is a leader in recombinant proteins with 50 years of heritage in next-generation research and development and new modalities. Bio-Techne would bring to Merck a globally recognized portfolio of cytokines, growth factors, antibodies, and immunoassay kits.

Bio-Techne 是重组蛋白领域的领导者，在下一代研发和新疗法方面拥有50年的深厚积淀。Bio-Techne 将为默克带来一个全球公认的细胞因子、生长因子、抗体和免疫检测试剂盒产品组合。

The planned acquisition would also add ProteinSimple, a leader in automated protein detection and analysis instruments, strengthening Merck’s analytical and bioprocess solutions. In addition, Bio-Techne’s RNAscope and related in situ hybridization technologies would strengthen Merck’s capabilities in spatial biology and diagnostics..

此次计划中的收购还将纳入自动化蛋白质检测与分析仪器领域的领导者ProteinSimple，从而加强默克在分析和生物工艺解决方案方面的实力。此外，Bio-Techne的RNAscope及相关原位杂交技术也将增强默克在空间生物学和诊断领域的能力。

Merck would also benefit from Bio-Techne’s position as a leading provider of materials, analytics, and process technologies to cell therapy developers. In fiscal year 2023, Bio-Techne acquired 19.9% of Wilson Wolf Corporation (“Wilson Wolf”), a leading manufacturer of cell culture devices, including the G-Rex product line, and Bio-Techne expects to acquire the remaining ownership in Wilson Wolf immediately following the end of calendar year 2027 under the terms of a two-part forward contract between Wilson Wolf and Bio-Techne..

默克公司也将受益于Bio-Techne作为细胞疗法开发领域领先的材料、分析和工艺技术供应商的地位。在2023财年，Bio-Techne收购了Wilson Wolf Corporation（“Wilson Wolf”）19.9%的股份，Wilson Wolf是包括G-Rex产品线在内的细胞培养装置的领先制造商。根据Wilson Wolf与Bio-Techne之间签订的两部分远期合同的条款，Bio-Techne预计将在2027年日历年结束后立即收购Wilson Wolf的剩余所有权。

Bio-Techne is headquartered in Minneapolis, Minnesota and has more than 3,000 employees, with approximately 2,300 employees based in the U.S. It operates 34 global locations and 15 manufacturing facilities across the U.S., Canada, the UK, Switzerland and China and generated net sales of more than US$1.2 billion in fiscal year 2025..

Bio-Techne 总部位于明尼苏达州明尼阿波利斯，拥有超过 3,000 名员工，其中约 2,300 名员工位于美国。公司在美国、加拿大、英国、瑞士和中国设有 34 个全球分支机构和 15 个生产基地，在 2025 财年实现了超过 12 亿美元的净销售额。

Strengthening Merck’s Leading Life Science Capabilities and Global Reach

强化默克领先的生命科学能力与全球布局

The planned acquisition would strengthen Merck’s position in high-growth and accelerating areas, including multi-omics, spatial biology, cell and gene therapy, precision diagnostics and advanced research tools, while providing Bio-Techne with access to new channels and customer touchpoints as well as Merck’s global scale, manufacturing expertise and established Life Science infrastructure..

此次计划中的收购将加强默克在高增长和加速发展领域的地位，包括多组学、空间生物学、细胞与基因治疗、精准诊断以及先进研究工具，同时为Bio-Techne提供进入新渠道和客户接触点的机会，以及默克的全球规模、制造专业知识和成熟的生命科学基础设施。

It would also bolster and broaden Merck’s Process Solutions business unit by expanding its reach into higher-value reagents, analytics, and cell and gene therapy workflows, and strengthen discovery, development and manufacturing capabilities.

此举还将通过拓展高价值试剂、分析以及细胞与基因治疗工作流程的业务覆盖范围，增强并扩大默克工艺解决方案事业部，同时强化其在发现、开发和制造方面的能力。

Together, Merck and Bio-Techne would bring enhanced scientific depth and the technical capabilities needed to support increasingly complex customer needs across next-generation biology workflows.

默克与Bio-Techne携手，将带来更深厚的科学积淀和所需的技术能力，以支持下一代生物学工作流程中日益复杂的客户需求。

Organizational Opportunities

组织机会

Merck has a strong global footprint and track record as a leading employer. Over the past two decades, the company has invested more than US$35 billion (EUR 30 billion) through inorganic growth, including in the U.S. with acquisitions such as Millipore in 2010, Sigma-Aldrich in 2015, Versum in 2019, and, most recently, SpringWorks Therapeutics in 2025.

默克作为领先雇主，在全球拥有强大的影响力和卓越的业绩记录。在过去二十年中，公司通过外延式增长投资超过350亿美元（300亿欧元），包括在美国进行的多次收购，如2010年收购密理博（Millipore）、2015年收购西格玛奥德里奇（Sigma-Aldrich）、2019年收购Versum，以及最近于2025年收购SpringWorks Therapeutics。

Today, Merck employs more than 14,000 people in the U.S. across over 70 company and customer sites..

如今，默克在美国70多个公司和客户站点雇佣了超过14,000名员工。

The planned combination would unite teams across North America, Europe, Asia-Pacific and other key markets, creating a more connected global organization with enhanced opportunities for collaboration, mobility and professional growth. Merck intends to leverage the unique strengths and expertise of both organizations while continuing to invest in the capabilities, development and long-term success of its workforce worldwide..

此次计划中的合并将整合北美、欧洲、亚太及其他关键市场的团队，打造一个联系更紧密的全球组织，为协作、人才流动和职业成长创造更多机遇。默克公司旨在充分发挥两家机构的独特优势与专长，同时持续投资于其全球员工的能力建设、职业发展及长期成功。

As part of a larger global Life Science organization, Bio-Techne employees would have opportunities to contribute to a broader range of innovation, customer and growth priorities, while benefiting from greater access to international networks, advanced training and participation in larger-scale innovation programs.

作为全球大型生命科学组织的一部分，Bio-Techne 的员工将有机会为更广泛的创新、客户和增长优先事项做出贡献，同时受益于更广泛的国际网络、先进的培训以及参与更大规模的创新计划。

Together, these opportunities are expected to strengthen the company's ability to attract, retain and develop top talent globally, supporting continued scientific leadership and sustainable growth..

总体而言，这些举措有望增强公司在全球范围内吸引、保留和发展顶尖人才的能力，从而支持其持续的科学领导地位和可持续增长。

Financing & Transaction Details

融资与交易详情

Under the terms of the merger agreement, Bio-Techne shareholders will receive US$73 per share in cash, representing a total enterprise value of approximately US$11.3 billion (EUR 9.9 billion). The proposed transaction has been approved by Bio-Techne’s Board of Directors and Merck’s relevant corporate bodies and is expected to close by late 2026 or early 2027, subject to satisfaction of customary closing conditions, including receipt of required regulatory approvals and approval by Bio-Techne shareholders..

根据合并协议的条款，Bio-Techne 的股东将获得每股 73 美元的现金，代表总企业价值约为 113 亿美元（99 亿欧元）。该拟议交易已获得 Bio-Techne 董事会和默克公司相关机构的批准，预计将在满足惯例交割条件（包括获得必要的监管批准以及 Bio-Techne 股东的批准）后，于 2026 年底或 2027 年初完成交割。

The planned acquisition will be funded through a combination of existing cash on hand and proceeds from new debt. Merck will preserve a strong investment-grade credit rating.

此次计划中的收购将通过现有现金和新债务融资相结合的方式提供资金。默克公司将保持强劲的投资级信用评级。

Financial Benefits & Disciplined Execution

财务收益与严谨执行

The proposed transaction is expected to be immediately accretive to EBITDA pre margin of both Life Science and Merck post-closing and EPS pre accretive by year 3 after closing. Cost synergies of approximately EUR 140 million are expected to be fully realized by year 3 after closing.

预计该交易在交割后将立即提升生命科学业务及默克公司的息税折旧摊销前利润（EBITDA）利润率，并在交割后第三年实现每股收益（EPS）的增厚。预计约1.4亿欧元的成本协同效应将在交割后第三年完全实现。

Merck has a strong track record of successfully integrating acquisitions, including larger-scale and capability-expanding transactions, while delivering strategic, operational and financial value creation. Building on this experience, Merck is committed to executing a thoughtful integration process focused on business continuity, critical talent retention, scientific capabilities and customer relationships.

默克公司在成功整合收购方面拥有良好的业绩记录，包括大规模和扩展能力的交易，同时实现了战略、运营和财务价值的创造。基于这一经验，默克致力于执行一个深思熟虑的整合流程，重点关注业务连续性、关键人才保留、科学能力以及客户关系。

Value creation is expected to come from stronger growth, broader capabilities, improved customer reach and disciplined integration..

价值创造预计将来自更强劲的增长、更广泛的能力、提升的客户覆盖以及严谨的整合。

Advisors

顾问

Guggenheim Securities and J.P. Morgan are acting as financial advisors to Merck, and Sullivan & Cromwell LLP is acting as Merck’s legal counsel. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Bio-Techne, and Sidley Austin LLP is acting as Bio-Techne’s legal counsel.

高根海姆证券公司和摩根大通担任默克公司的财务顾问，沙利文·克伦威尔律师事务所担任默克公司的法律顾问。高盛集团有限责任公司担任Bio-Techne的独家财务顾问，盛德律师事务所担任Bio-Techne的法律顾问。

Media & Investor Calls

媒体与投资者电话会议

Merck will host a media call today at 12:00 p.m. CEST, and a conference call with the financial community today at 2:00 p.m. CEST.

默克公司将于今天中欧夏令时中午12:00举行媒体电话会议，并于今天中欧夏令时下午2:00举行面向金融界的电话会议。