Thermo Fisher Scientific has agreed to acquire Qiagen, a provider of molecular diagnostics and sample preparation technologies, for an approximate transaction value of $11.5 billion or EUR 39 ($44) per share.

The transaction values Qiagen at approximately $11.5 billion at current exchange rates, which includes the assumption of approximately $1.4 billion of net debt. Qiagen is a provider of life-science and molecular diagnostic solutions and employs approximately 5,100 people at 35 locations in more than 25 countries. The company generated 2019 revenue of $1.53 billion. Its sample preparation technologies are used to extract, isolate and purify DNA, RNA, and proteins from a wide range of biological samples. The company’s assay technologies are then used to amplify and enrich these biomolecules to make them readily accessible for analysis. In addition, Qiagen’s instruments can be used to automate these workflows.

The acquisition of Qiagen would expand Thermo Fisher’s specialty diagnostics portfolio with additional molecular diagnostics capabilities, including infectious disease testing. Qiagen’s sample preparation, assay and bioinformatics technologies are complementary to Thermo Fisher’s genetic analysis and biosciences capabilities. The acquisition would expand Thermo Fisher’s commercial reach, including its Fisher Scientific customer channels and e-commerce platforms, to expand customer access to Qiagen’s product portfolio.

The Boards of Directors as well as the managing board of Qiagen have approved the proposal of Thermo Fisher’s acquisition. The transaction, which is expected to be completed in the first half of 2021, is subject to the satisfaction of customary closing conditions, including the receipt of applicable regulatory approvals, the adoption of certain resolutions relating to the transaction at an Extraordinary General Meeting of Qiagen’s shareholders, and completion of the tender offer.

Thermo Fisher has obtained committed bridge financing. Permanent funding is expected to come from cash on hand and the issuance of new debt. The transaction is not subject to any financing condition.

Source: Thermo Fisher Scientific