Deal Timeline

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

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 deals below are the evidence.

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

11 acquisitions. Each entry carries the deal value, financing structure, target revenue, executive commentary, and the original SEC filing — the evidence behind the patterns above.

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

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

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

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