Techne Corporation (TECH) said Tuesday morning that it has agreed to spend $104 million in cash to acquire Bionostics Holdings Limited and its operating subsidiary Bionostics, Inc., in a move to strengthen its hematology division. Minneapolis, Minnesota-based Techne is a developer and manufacturer of biotechnology products and hematology calibrators and controls, operating through its two subsidiaries, R&D Systems and R&D Systems Europe.

Devans, Massachusetts-based Bionostics is focused on developing, manufacturing and distributing quality control products for in vitro diagnostic, or IVD, devices mostly used in point of care blood glucose and blood gas testing. The company was founded in 1981.

Bionostics recorded about $29.3 million in revenue for its fiscal year ended August 31, 2012 with EBIDTA of approximately $9.4 million.

Bionostics recently launched coagulation device control products and is in the process of developing controls for cholesterol and hemoglobin A1c point-of-care-testing devices. HbA1c testing in regarded as the gold standard in measuring glycemic control in diabetes patients. The company is looking to capitalize in an ongoing shift of testing being done less frequently in the laboratory setting and more often in operating rooms, bedsides, clinics, homes, etc., known as point-of-care testing.

Techne expects the acquisition to be slightly accretive in fiscal 2014 earnings.

“This business is how Techne R&D Systems was founded some 30 years ago and remains thriving today. The addition of Bionostics adds capabilities in exciting new areas like coagulation and expands our controls portfolio, giving us the critical mass we need to remain competitive and offer our customers continued value and options to serve their needs,” said Charles R. Kummeth, president and chief executive of Techne.

Subsequent to the closing of the transaction, expected in the first quarter of fiscal 2014, Bionostics and Techne’s hematology division will join forces in a new Clinical Controls Division of R&D Systems. Michael Thomas, the current CEO of Bionostics, will serve as a consultant to Techne “for a period” after the closing, according to Techne.

Shares of TECH, a relatively thinly traded stock, are ahead by 1.7 percent in Tuesday trading at $68.23 on light volume of 26,300 shares changing hands. So fare in 2013, shares are essentially flat, but have climbed from a 52-week low of $62.26 late on April 30.

For the third quarter of fiscal 2013, ended March 31, Techne reported earnings of $33.1 million, or 90 cents per share, on revenue of $80.99 million (down from sales of $83.62 million in the year prior quarter). Adjusted earnings were $32.46 million, or 88 cents per share, compared to $33.53, or 91 cents per share, in the same quarter of fiscal 2012.