ROCKY HILL — Connecticut Innovations Inc. (CII), the state’s quasi-public technology-investment arm, has announced that Bio-Techne, a Minnesota company engaged in the development, manufacture and sale of biotechnology products and clinical calibrators and controls, had completed its acquisition of a CII portfolio company, Wallingford-based CyVek.
Terms of the deal included a reported $60 million in cash as well as other financial considerations.
Since 2010 CII has invested approximately $2 million in CyVek and expects a return of approximately three times that amount.
“The investment in CyVek helped generate a return for Connecticut Innovations and create jobs — two things that are core to our mission,” said David Wurzer, CII’s executive vice president and chief investment officer. “CyVek’s primary operations will remain in Connecticut, which will have a positive economic impact on the state, and the return from this acquisition will allow CII to invest in other innovative companies.”
“The acquisition of a young startup company by a reputed worldwide industry leader like Bio-Techne is exciting, impressive and a testament to the value of what we have created,” said Per Hellsund, president and CEO of CyVek.
CyVek was founded in 2010 by Hellsund and Kevin Didden, who engaged team members from CyVera, a successful startup company that was sold to Illumina in 2005. In 2014, CyVek was the recipient of the Connecticut Business Champions award for innovation as well as the Frost & Sullivan award for innovation.
Serial entrepreneur Didden, who served as board chairman at CyVek, sits on the board of directors of CiDRA, and is the former chairman of CyVera. He has worked with CII since 1997. Together Didden and CII have attracted more than $200 million of out-of-state equity funding to Connecticut.
“Our long-standing relationship with Connecticut Innovations has helped to grow nearly 300 high-tech jobs in Connecticut and has generated healthy returns for our companies and for the state,” said Didden. “This is the fourth business we’ve built and sold with the assistance of CII and I look forward to continuing our relationship and serving as a resource for other Connecticut entrepreneurs.”