Deal Timeline

Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.

The Acquisition Playbook.

Three patterns run through BIO-RAD LABORATORIES's acquisitions — what it looks for, how it pays, and how it folds in what it buys.

01
Acquisition criteria
Buying the droplet-digital-PCR platform, piece by piece.
Bio-Rad's ddPCR franchise was assembled through acquisition: QuantaLife (2011) supplied the foundational technology, RainDance (2017) added foundational droplet IP for ultra-sensitive genetic detection, and Dropworks (2021) and Stilla (2025) extended the roadmap into next-generation digital PCR. The repeated rationale is to strengthen Bio-Rad's leadership in droplet digital PCR and open adjacent molecular-testing markets.
Stilla TechnologiesCuriosity Diagnostics sp. z o.o.DropworksCelseeRainDance Technologies
02
Capital deployment
Splitting bets between Life Science research tools and Clinical Diagnostics.
Deals alternate between the two reportable segments — Life Science gains (QuantaLife, Celsee, RainDance, Dropworks, Stilla, AbD Serotec) build research instrumentation and reagents, while Clinical Diagnostics gains (DiaMed, GnuBIO, Curiosity) push into blood typing, sequencing-based diagnostics, and molecular disease testing. The DiaMed acquisition (~CHF 477M) remains the largest and anchored the diagnostics franchise.
Stilla TechnologiesCuriosity Diagnostics sp. z o.o.DropworksCelseeRainDance Technologies
03
Integration approach
Early-stage technology buys carry contingent consideration — and real impairment...
Early-stage technology buys carry contingent consideration — and real impairment risk. Several deals (QuantaLife, GnuBIO, Celsee, Curiosity, Stilla) were structured with milestone-based earnouts because the targets were pre-commercial. That risk has materialized more than once: Bio-Rad fully impaired GnuBIO goodwill and IPR&D in 2016, and in December 2025 impaired the Dropworks IPR&D ($81.7M) and discontinued the Curiosity program ($127.7M charge).
Stilla TechnologiesCuriosity Diagnostics sp. z o.o.DropworksCelseeRainDance Technologies

The Full Deal Book

12 acquisitions — each with the deal value, financing structure, target revenue, and executive commentary where disclosed.

01 Stilla Technologies · France $257.7M
Announced Jun 2025 Closed Jun 2025 All cash plus contingent consideration
droplet digital PCR systemsmultiplex digital PCRgenetic and molecular testing instrumentation

Stilla Technologies is a commercial-stage life science company that develops and markets next-generation droplet digital PCR (Polymerase Chain Reaction) systems supporting a broad range of genetic and molecular testing applications. approximately $257.7 million purchase consideration ($166.5M cash to sellers, $47.6M cash paid to debtors on Stilla's behalf, $15.0M to escrow, plus $28.6M fair value of contingent consideration of up to $50.0M).

Why it was attractive
  • Commercial-stage
  • next-generation droplet digital PCR technology adjacent to Bio-Rad's existing ddPCR franchise
Stilla is a commercial-stage life science company that develops and markets next-generation droplet digital Polymerase Chain Reaction (PCR) systems, which supports a broad range of genetic and molecular testing applications.Bio-Rad Laboratories FY2025 10-K — Acquisitions note
02 Curiosity Diagnostics sp. z o.o. · Poland $137.1M
Announced Aug 2022 Closed Aug 2022 All cash plus contingent consideration
sample-to-answer rapid PCR diagnosticsmolecular diagnostics platform

Curiosity Diagnostics is a late-stage, pre-commercial platform company developing a sample-to-answer, rapid diagnostics PCR system for the molecular diagnostics market. $137.1 million total consideration, including fair value of contingent consideration of up to $70.0 million payable on technological development and sales milestones.

Why it was attractive
  • Differentiated late-stage molecular diagnostics platform complementing Bio-Rad's Clinical Diagnostics offerings
Curiosity Diagnostics, a late-stage, pre-commercial platform company, is in the process of developing a sample-to-answer, rapid diagnostics PCR system for the molecular diagnostics market.Bio-Rad Laboratories FY2022 10-K — Acquisition note
Post-close · earnings-call commentary

Per FY2025 10-K: in December 2025 Bio-Rad discontinued development of the IPR&D asset associated with the Curiosity acquisition and recorded an impairment charge of $127.7 million.

03 Dropworks, Inc. $125.5M
Announced Oct 2021 Closed Oct 2021 All cash
digital PCR product development

Dropworks is a development-stage company focused on developing a digital PCR product. $125.5 million total consideration.

Why it was attractive
  • Early-stage digital PCR technology expanding Bio-Rad's PCR roadmap
Dropworks is a development stage company focused on developing a digital PCR product. The strategic rationale for the transaction was to address additional opportunities in the PCR market.Bio-Rad Laboratories FY2021 10-K — Acquisition note
Post-close · earnings-call commentary

Per FY2025 10-K: in December 2025 Bio-Rad impaired the IPR&D asset associated with the 2021 Dropworks acquisition for $81.7 million, citing technology-completion delays and a revised revenue forecast.

04 Celsee, Inc. $99.3M
Announced Apr 2020 Closed Apr 2020 All cash plus contingent consideration
single-cell isolationsingle-cell detection and analysis instruments and consumables

Bio-Rad acquired Celsee, an Ann Arbor, Michigan company founded in 2011 that supplies instruments and consumables for isolating, detecting and analyzing single cells for research, translational and biopharma laboratories. Announced in April 2020, the deal extended Bio-Rad's reach into single-cell analysis and precision medicine. Celsee's platform scales from hundreds of thousands to millions of cells for genomic and proteomic work and can enrich circulating tumor cells to help track disease progression and therapeutic response. $99.3 million total consideration, including fair value of contingent consideration of up to $60.0 million payable on certain 2021-2022 net-revenue achievement.

Why it was attractive
  • Single-cell isolation and analysis platform adjacent to Bio-Rad's Life Science franchise
Celsee is a manufacturer of instruments and consumables for the isolation, detection, and analysis of single cells. We believe this acquisition will complement our Life Science product offerings.Bio-Rad Laboratories FY2020 10-K — Acquisitions note
05 RainDance Technologies, Inc. · Billerica, Massachusetts, USA $72.7M
Announced Feb 2017 Closed Feb 2017 All cash
droplet-based biological reactionsultra-sensitive genetic-variation detectionliquid-biopsy genomic tools

RainDance Technologies' foundational intellectual property portfolio and product lines encompass a wide range of biological reactions in droplets, with potential applications in life science research and clinical research, enabling ultra-sensitive detection of genetic variations. approximately $72.7 million (cash payments at closing of $72.9 million; a separate $10.0 million cash payment for a preexisting condition was recorded in cost of goods sold).

Why it was attractive
  • Foundational droplet-microfluidics IP strengthening Bio-Rad's droplet digital PCR position
RainDance's foundational intellectual property portfolio and product lines encompass a wide range of biological reactions in droplets... These genomic tools provide ultra-sensitive detection of genetic variations in cancer as well as inherited and infectious diseases, enabling research in areas such as non-invasive liquid biopsy.Bio-Rad Laboratories FY2018 10-K — Acquisition of RainDance Technologies note
06 GnuBIO, Inc. $50.4M
Announced Apr 2014 Closed Apr 2014 All cash plus contingent consideration
droplet-based DNA sequencing workflowclinical diagnostics sequencing

GnuBIO's innovative DNA workflow is well-suited for the clinical diagnostics sequencing market and leverages droplet digital PCR technology. $50.4 million total consideration ($39.7 million cash at closing plus $10.7 million contingent consideration, potentially up to $70.0 million on development/regulatory and sales milestones).

Why it was attractive
  • Droplet-based sequencing workflow complementary to Bio-Rad's droplet digital PCR leadership
We believe that GnuBIO's innovative DNA workflow is well-suited for the clinical diagnostics sequencing market and will leverage our leadership role in the area of droplet digital PCR.Bio-Rad Laboratories FY2014 10-K — acquisitions disclosure
Post-close · earnings-call commentary

Per later 10-Ks: in 2016 Bio-Rad fully impaired GnuBIO-related goodwill of $13.5 million and in-process research and development of $46.4 million.

07 AbD Serotec (division of MorphoSys AG) · Germany / United Kingdom (MorphoSys AG division) $62.2M
Announced Jan 2013 Closed Jan 2013 All cash
research antibodies catalogantibody reagents

AbD Serotec, acquired from MorphoSys AG, brought a comprehensive catalog of research antibodies to Bio-Rad's Life Science business. $62.2 million total consideration (net of cash received of $7.3 million).

Why it was attractive
  • Comprehensive antibody catalog expanding Bio-Rad's Life Science reagent portfolio
In January 2013, we acquired 100% of the outstanding shares of AbD Serotec, a division of MorphoSys AG, for total consideration of $62.2 million (net of cash received of $7.3 million).Bio-Rad Laboratories FY2013 10-K — acquisitions disclosure
08 QuantaLife, Inc. $179.4M
Announced Oct 2011 Closed Oct 2011 All cash plus contingent consideration
droplet digital PCR (ddPCR) technology and systems

QuantaLife developed droplet digital PCR technology that became the foundation of Bio-Rad's droplet digital PCR (ddPCR) systems. $179.4 million fair value of consideration ($150.3 million cash at closing, $5.0 million holdback, $24.1 million contingent consideration; contingent portion could reach $48 million on sales and development milestones).

Why it was attractive
  • Pioneering droplet digital PCR platform that established Bio-Rad's ddPCR franchise
In October 2011, we acquired all the issued and outstanding stock of QuantaLife, Inc. The fair value of the consideration as of the acquisition date was $179.4 million, which comprised of $150.3 million paid in cash at the closing date, a $5.0 million holdback... and $24.1 million in contingent consideration.Bio-Rad Laboratories FY2011 10-K — acquisitions disclosure
09 DiaMed Holding AG · Switzerland (sales to hospitals, clinical laboratories and blood banks in more than 100 countries) $477M
Announced May 2007 Closed Oct 2007 All cash
blood typing reagents and instrumentsblood screeningimmunohematology

DiaMed develops, manufactures and markets a complete line of reagents and instruments used in blood typing and screening. Founded in 1977 and based in Switzerland, DiaMed had annual sales of approximately US $200 million to hospitals, clinical laboratories, and blood banks in more than 100 countries, with nearly 800 employees. approximately 477 million Swiss francs in cash for ~77.7% of shares (with a subsequent tender offer for the remaining ~12.7%).

Why it was attractive
  • Complete blood typing and screening product line with a strong global reputation
  • complementing Bio-Rad's diagnostics business
DiaMed has an outstanding reputation for quality products and customer care and we believe this portfolio of products will fit in well with Bio-Rad's existing diagnostics business.John Goetz — Vice President and Group Manager Clinical Diagnostics, Bio-Rad Laboratories
10 Propel Labs cell sorting system · Fort Collins, Colorado, USA $5.0M
Announced Aug 2012 Closed Aug 2012 All cash plus contingent consideration
cell sorting system / flow cytometry

Bio-Rad acquired a benchtop cell sorting system from Propel Labs, announced in October 2012 and brought to market as the S3 Cell Sorter, with first shipments expected in January 2013. Cell sorters had traditionally been complex instruments confined to shared research facilities, but the compact, easy-to-use and more affordable design put cell sorting within reach of individual researchers at their own benchtop. $5.0 million in cash at closing (plus contingent consideration recognized for the cell sorting system).

In August 2012, we acquired from Propel Labs, Inc. a new cell sorting system that included $5.0 million in cash at the closing date.Bio-Rad Laboratories FY2014 10-K — acquisitions disclosure
11 DiaMed Benelux · Benelux (Belgium / Netherlands / Luxembourg) $4.6M
Announced Jul 2012 Closed Jul 2012 All cash
blood typing diagnostics distribution

In July 2012, Bio-Rad acquired all of the outstanding shares of DiaMed Benelux, extending its DiaMed blood-typing diagnostics franchise in the Benelux region. 4.6 million Euros (approximately $5.6 million) in cash.

In July 2012, we acquired all of the outstanding shares of DiaMed Benelux for 4.6 million Euros (approximately $5.6 million) in cash.Bio-Rad Laboratories FY2014 10-K — acquisitions disclosure
12 Diagnostics businesses of Biotest AG · Germany $45M
Announced Oct 2009 Closed Jan 2010 Cash purchase of certain diagnostics businesses

Bio-Rad completed the purchase of certain in vitro diagnostics businesses of Biotest AG, a German company. The acquired operations span diagnostic products used in blood transfusion testing (immunohematology), transplantation, and infectious disease screening. The addition broadened Bio-Rad's Clinical Diagnostics portfolio, strengthening its position in blood typing and transfusion medicine testing.

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