Merck KGaA pays $11.3 billion for Bio-Techne—its biggest purchase in years

German drugmaker Merck KGaA is buying Bio-Techne for $11.3 billion in cash. It's the company's largest acquisition since 2015. Paying in cash means no new shares to existing owners, but it forces Merck to borrow heavily. Investors will watch whether the company can pay down that debt quickly. The deal shows Merck's finances are strong enough to handle big purchases again.