Skip to main content

Bio-Techne Invests $43 million in Dx Firm Astute Medical

NEW YORK (GenomeWeb) – Minneapolis-based Bio-Techne, a provider of tools and bioactive reagents for research and clinical diagnostics, said today that it has closed on a strategic equity investment valued at $43 million in Astute Medical, which is marketing a biomarker-based diagnostic test for acute kidney injury.

Bio-Techne said that the deal has been structured to allow it to build a strategic foundation in diagnostics, and includes an option for it to further expand the relationship.

As part of the investment agreement, Bio-Techne obtained manufacturing rights for future products and will receive royalties on diagnostic tests that contain its reagents.

“Bio-Techne’s current diagnostic revenues are largely derived through OEM manufacturing and reagent supply relationships with many of the largest diagnostic brands," Bio-Techne President and CEO Chuck Kummeth said in a statement, adding that the collaboration with Astute Medical gives it greater exposure to sales opportunities with end customers and expands its market reach.

Astute Medical will get access to Bio-Techne's antibody and protein libraries for future test development, and integrate them into its own diagnostic test discovery, development, and commercialization initiatives.

Astute has obtained US Food and Drug Administration clearance and CE marking for a diagnostic test that identifies and validates the presence of TIMP-2 and IGFBP-7 biomarkers. The Nephrocheck Test assesses the risk of moderate-to-severe acute kidney injury in patients.

Ortho Clinical Diagnostics is also using Astute Medical's Nephrocheck technology to develop a diagnostic test for acute kidney injury on the Vitros line of testing platforms.