Assessing The Fit, Financial & Valuation Impact Of The Wilson Wolf Deal

Research evidence excerpt

Assessing The Fit, Financial & Valuation Impact Of The Wilson Wolf Deal

TD Cowen Bio-Techne Corp

Global Research June 11, 2026

Wilson Wolf's G-Rex bioreactor is a platform with unique attributes versus competitors in the

cell therapy market. We conducted multiple KOL calls where our checks indicate that G-Rex is a

unique offering with a solid fit into TECH's reagents-heavy portfolio.

What Does Wilson Wolf Mean for the Financial Model & Valuation?

Herein we outline our view on the financial model impact of the acquisition under a number

of scenarios and the impact on valuation. With Wilson Wolf integrated into our model we see ~

$6-9 in per-share valuation upside based on what we view as potential scenarios gleaned from

recent commentary on Wilson Wolf's revenue base and growth profile (more within). That said,

while we maintain our $65 price target given the final specifics of the deal (which should come

next year) are not yet known, our valuation framework suggests an improved upside story for

TECH, in our view. Our price target reflects ~20x EV/NTM EBITDA 1-year forward (EBITDA incl.

stock-based compensation).

What Could Go Wrong?

While we believe Wilson Wolf represents a potentially meaningful growth and earnings driver,

there are several scenarios that could lead to a less favorable outcome: (a) Wilson Wolf's growth

could lag expectations, and therefore contribute less to TECH's overall growth profile and

earnings; (b) margin expectations could be lower than expected, where management has

already noted the expectation for ~10% lower EBITDA margins once consolidated; and (c) the

cell therapy market growth rate could moderate, where to date there have been only a handful

of successful commercial therapies.