Techne Corp. (TECH: Quote) said Monday that it has finalized its acquisition of Bionostics Holdings Ltd. and its operating subsidiary Bionostics, Inc. for about $104 million in cash, subject to adjustments following closing based on the final level of working capital.

Bionostics is a global leader in the development, manufacture and distribution of control solutions that verify the proper operation of in vitro diagnostic devices primarily utilized in point of care blood glucose and blood gas testing. Bionostics has strategic supply relationships with virtually all global IVD device Original Equipment Manufacturers.

Bionostics was founded in 1981 and is based in Devens, Massachusetts. Its controls are proprietary device-specific formulations which require FDA 510(k) approval. Like the products made by R&D Systems' Clinical Controls Division, each control is also a component of the OEM's 510(k), making Bionostics' controls integral to each diagnostic device. Controls for blood glucose and blood gas devices are the largest portion of Bionostics'business. Bionostics recently launched coagulation device control products and is developing new controls for other growing diagnostic uses, particularly controls for cholesterol and HbA1c point-of-care testing devices.