M&A Acquirer Playbook

BIO-RAD LABORATORIES, INC. acquisition history.

Every deal, price, and strategic rationale.

Company BIO-RAD LABORATORIES, INC.

SEC CIK 0000012208

Tracked filings EDGAR · 8-K

Total deals tracked

Disclosed 8-K acquisitions, 2007 — present.

Aggregate disclosed value

$1.0B

Over $1.0 billion deployed across 11 disclosed transactions — led by DiaMed (~CHF 477M) and Stilla (~$258M).

Active acquisition years

2007 · 2011 · 2012 · 2013 · 2014 · 2017 · 2020 · 2021 · 2022 · 2025

a focused, build-the-platform cadence rather than high-volume tuck-ins.

Primary sectors

Droplet digital PCR and molecular tools plus clinical diagnostics (DiaMed, AbD Serotec)

QuantaLife, RainDance, Dropworks, Stilla, Celsee, GnuBIO, Curiosity.

Verified 11 deals on this page · sourced from SEC filings

All cross-references covered.

Timeline

11 deals, $1.0B deployed.

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

The playbook

The rationale that repeats.

Three patterns show up across BIO-RAD LABORATORIES's deal book — what the team buys, how it pays, and how it integrates. The patterns are the throughline; the individual deals below are the evidence.

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

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

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

Deal book · 11 acquisitions

The full deal book.

11 acquisitions. Click any row to see the deal value, financing structure, target revenue, executive commentary, and the original SEC filing — the evidence behind the patterns above.

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.

Why it was attractive

01 Commercial-stage
02 next-generation droplet digital PCR technology adjacent to Bio-Rad's existing ddPCR franchise

Capabilities acquired

droplet digital PCR systemsmultiplex digital PCRgenetic and molecular testing instrumentation

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

Deal value

$257.7M

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)

Terms

AnnouncedJun 2025

ClosedJun 2025

StructureFull acquisition

Considerationall cash plus contingent consideration

Financials

Cash impact / synergiesStrengthens Bio-Rad's droplet digital PCR offering and supports entry into new molecular testing markets.

Deal facts

GeographyFrance

SegmentLife Science

Integration unitLife Science segment

Integration timelineIncluded in the Life Science segment's results of operations from the June 30, 2025 acquisition date; purchase-accounting measurement period not to exceed 12 months.

Not disclosed in filing Target revenue / EBITDA

Fundingall cash plus contingent consideration.

SEC 8-K · Stilla Technologies

Curiosity Diagnostics is a late-stage, pre-commercial platform company developing a sample-to-answer, rapid diagnostics PCR system for the molecular diagnostics market.

Why it was attractive

01 Differentiated late-stage molecular diagnostics platform complementing Bio-Rad's Clinical Diagnostics offerings

Capabilities acquired

sample-to-answer rapid PCR diagnosticsmolecular diagnostics platform

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.

Deal value

$137.1M

$137.1 million total consideration, including fair value of contingent consideration of up to $70.0 million payable on technological development and sales milestones

Terms

AnnouncedAug 2022

ClosedAug 2022

StructureFull acquisition

Considerationall cash plus contingent consideration

Financials

Cash impact / synergiesFacilitates entry into the molecular disease testing market and complements Clinical Diagnostics product offerings.

Deal facts

GeographyPoland

SegmentClinical Diagnostics

Integration unitClinical Diagnostics segment

Integration timelineIncluded in the Clinical Diagnostics segment's results from the August 3, 2022 acquisition date. In December 2025 Bio-Rad discontinued development of the Curiosity IPR&D asset and recorded an impairment charge.

Not disclosed in filing Target revenue / EBITDA

Fundingall cash plus contingent consideration.

SEC 8-K · Curiosity Diagnostics sp. z o.o.

Dropworks is a development-stage company focused on developing a digital PCR product.

Why it was attractive

01 Early-stage digital PCR technology expanding Bio-Rad's PCR roadmap

Capabilities acquired

digital PCR product development

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.

Deal value

$125.5M

$125.5 million total consideration

Terms

AnnouncedOct 2021

ClosedOct 2021

StructureFull acquisition

Considerationall cash

Financials

Cash impact / synergiesComplements Life Science product offerings and addresses additional PCR-market opportunities.

Deal facts

SegmentLife Science

Integration unitLife Science segment

Integration timelineIncluded in the Life Science segment's results from the October 15, 2021 acquisition date. In December 2025 Bio-Rad impaired the related IPR&D asset.

Not disclosed in filing Target revenue / EBITDA · Geography

Fundingall cash.

SEC 8-K · Dropworks

Celsee is a manufacturer of instruments and consumables for the isolation, detection, and analysis of single cells.

Why it was attractive

01 Single-cell isolation and analysis platform adjacent to Bio-Rad's Life Science franchise

Capabilities acquired

single-cell isolationsingle-cell detection and analysis instruments and consumables

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

Deal value

$99.3M

$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

Terms

AnnouncedApr 2020

ClosedApr 2020

StructureFull acquisition

Considerationall cash plus contingent consideration

Financials

Cash impact / synergiesComplements Life Science product offerings.

Deal facts

SegmentLife Science

Integration unitLife Science segment

Integration timelineIncluded in the Life Science segment's results of operations from the April 1, 2020 acquisition date.

Not disclosed in filing Target revenue / EBITDA · Geography

Fundingall cash plus contingent consideration.

SEC 8-K · Celsee

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.

Why it was attractive

01 Foundational droplet-microfluidics IP strengthening Bio-Rad's droplet digital PCR position

Capabilities acquired

droplet-based biological reactionsultra-sensitive genetic-variation detectionliquid-biopsy genomic tools

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

Deal value

$72.7M

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)

Terms

AnnouncedFeb 2017

ClosedFeb 2017

StructureFull acquisition

Considerationall cash

Financials

Cash impact / synergiesExtends Bio-Rad's droplet digital PCR leadership into ultra-sensitive genetic detection and liquid-biopsy research.

Deal facts

GeographyBillerica, Massachusetts, USA

SegmentLife Science

Integration unitLife Science segment

Integration timelineIncluded in the Life Science segment's results from the February 2017 acquisition date; accounted for as a business combination.

Not disclosed in filing Target revenue / EBITDA

Fundingall cash.

SEC 8-K · RainDance Technologies

GnuBIO's innovative DNA workflow is well-suited for the clinical diagnostics sequencing market and leverages droplet digital PCR technology.

Why it was attractive

01 Droplet-based sequencing workflow complementary to Bio-Rad's droplet digital PCR leadership

Capabilities acquired

droplet-based DNA sequencing workflowclinical diagnostics sequencing

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.

Deal value

$50.4M

$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)

Terms

AnnouncedApr 2014

ClosedApr 2014

StructureFull acquisition

Considerationall cash plus contingent consideration

Financials

Cash impact / synergiesLeverages Bio-Rad's droplet digital PCR leadership for the clinical diagnostics sequencing market.

Deal facts

SegmentClinical Diagnostics

Integration unitClinical Diagnostics segment

Integration timelineIncluded in the Clinical Diagnostics segment's results from the April 2014 acquisition date. In 2016 Bio-Rad fully impaired the related goodwill ($13.5M) and IPR&D ($46.4M).

Not disclosed in filing Target revenue / EBITDA · Geography

Fundingall cash plus contingent consideration.

SEC 8-K · GnuBIO

AbD Serotec, acquired from MorphoSys AG, brought a comprehensive catalog of research antibodies to Bio-Rad's Life Science business.

Why it was attractive

01 Comprehensive antibody catalog expanding Bio-Rad's Life Science reagent portfolio

Capabilities acquired

research antibodies catalogantibody reagents

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

Deal value

$62.2M

$62.2 million total consideration (net of cash received of $7.3 million)

Terms

AnnouncedJan 2013

ClosedJan 2013

StructureCarve-out

Considerationall cash

Financials

Cash impact / synergiesAdds antibody reagents to the Life Science segment.

Deal facts

GeographyGermany / United Kingdom (MorphoSys AG division)

SegmentLife Science

Integration unitLife Science segment

Integration timelineIncluded in the Life Science segment's results from the January 2013 acquisition date; accounted for as a business combination.

Not disclosed in filing Target revenue / EBITDA

Fundingall cash.

SEC 8-K · AbD Serotec (division of MorphoSys AG)

QuantaLife developed droplet digital PCR technology that became the foundation of Bio-Rad's droplet digital PCR (ddPCR) systems.

Why it was attractive

01 Pioneering droplet digital PCR platform that established Bio-Rad's ddPCR franchise

Capabilities acquired

droplet digital PCR (ddPCR) technology and systems

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

Deal value

$179.4M

$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)

Terms

AnnouncedOct 2011

ClosedOct 2011

StructureFull acquisition

Considerationall cash plus contingent consideration

Financials

Cash impact / synergiesLaunched Bio-Rad's droplet digital PCR (ddPCR) product line within the Life Science segment.

Deal facts

SegmentLife Science

Integration unitLife Science segment

Integration timelineQuantaLife's results were included in the Life Science segment from the October 4, 2011 acquisition date.

Not disclosed in filing Target revenue / EBITDA · Geography

Fundingall cash plus contingent consideration.

SEC 8-K · QuantaLife

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.

Why it was attractive

01 Complete blood typing and screening product line with a strong global reputation
02 complementing Bio-Rad's diagnostics business

Capabilities acquired

blood typing reagents and instrumentsblood screeningimmunohematology

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

Deal value

$477M

approximately 477 million Swiss francs in cash for ~77.7% of shares (with a subsequent tender offer for the remaining ~12.7%)

Terms

AnnouncedMay 2007

ClosedOct 2007

StructureFull acquisition

Considerationall cash

Financials

Target revenue / EBITDAapproximately US $200 million annual sales

Cash impact / synergiesExpands Bio-Rad's clinical diagnostics portfolio into blood typing and screening.

Deal facts

GeographySwitzerland (sales to hospitals, clinical laboratories and blood banks in more than 100 countries)

SegmentClinical Diagnostics

Integration unitClinical Diagnostics segment

Integration timelineShare purchase agreement signed May 14, 2007 for ~77.7% of shares; transaction expected to close later in 2007 subject to regulatory approvals, followed by a tender offer for the remaining shares.

Fundingall cash (share purchase agreement plus follow-on tender offer).

SEC 8-K · DiaMed Holding AG

In August 2012, Bio-Rad acquired from Propel Labs, Inc. a new cell sorting system.

Capabilities acquired

cell sorting system / flow cytometry

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

Deal value

$5.0M

$5.0 million in cash at closing (plus contingent consideration recognized for the cell sorting system)

Terms

AnnouncedAug 2012

ClosedAug 2012

StructureAsset purchase

Considerationall cash plus contingent consideration

Deal facts

GeographyFort Collins, Colorado, USA

SegmentLife Science

Integration unitLife Science segment

Not disclosed in filing Target revenue / EBITDA · Cash impact / synergies · Integration timeline

Fundingall cash plus contingent consideration.

SEC 8-K · Propel Labs cell sorting system

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.

Capabilities acquired

blood typing diagnostics distribution

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

Deal value

$4.6M

4.6 million Euros (approximately $5.6 million) in cash

Terms

AnnouncedJul 2012

ClosedJul 2012

StructureFull acquisition

Considerationall cash

Deal facts

GeographyBenelux (Belgium / Netherlands / Luxembourg)

SegmentClinical Diagnostics

Integration unitClinical Diagnostics segment

Not disclosed in filing Target revenue / EBITDA · Cash impact / synergies · Integration timeline

Fundingall cash.

SEC 8-K · DiaMed Benelux

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11 deals, $1.0B deployed.

The rationale that repeats.

Buying the droplet-digital-PCR platform, piece by piece.

Splitting bets between Life Science research tools and Clinical Diagnostics.

Early-stage technology buys carry contingent consideration — and real impairment...

The full deal book.

More acquirer playbooks

Put VectorShift to workon every deal.

Put VectorShift to work
on every deal.