Diagnostic Firms Set A Deal to Combine -- WSJ
04 März 2020 - 9:02AM
Dow Jones News
By Carlo Martuscelli
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (March 4, 2020).
Thermo Fisher Scientific Inc. agreed to pay about $10.1 billion
for Qiagen NV, a molecular diagnostics company, bulking up in the
field of infectious-disease testing.
Thermo Fisher, based in Waltham, Mass., and Qiagen, Venlo, the
Netherlands, said in a joint release that a tie-up would expand the
combined companies' specialty-diagnostics portfolio, improve their
commercial and geographic reach and their life-sciences
offerings.
Thermo Fisher provides analytical instruments and equipment for
research, analysis and diagnostics for pharmaceutical companies and
biotechnology laboratories. Last year, it generated $25.54 billion
in revenue. Qiagen sales last year came in at $1.53 billion.
Qiagen, listed in Frankfurt, is a life sciences and molecular
diagnostics supplier, active in infectious disease testing. It has
been developing a test to detect the coronavirus, which is
currently being evaluated at four Chinese hospitals. Interest by
several suitors, however, precedes the recent spread of the
disease. In December, before China disclosed the scale of the
coronavirus outbreak there, Qiagen had said it was pursuing a
go-it-alone strategy amid what it said were several expressions of
interest.
The market for such suppliers is consolidating, and Thermo
Fisher needs to bulk up, said Ulrich Huwald, an analyst at Warburg
Research.
The deal values each Qiagen share at EUR39 ($43.30) in cash,
representing a premium of around 23% to Monday's closing price.
Including debt of $1.4 billion, the deal is worth $11.5 billion,
Thermo Fisher said.
"This acquisition provides us with the opportunity to leverage
our industry-leading capabilities and R&D expertise to
accelerate innovation and address emerging health-care needs,"
Thermo Fisher Chairman, President and Chief Executive Marc N.
Casper said.
The deal is expected to be completed in the first half of 2021,
subject to regulatory approvals and other customary closing
conditions, the company said.
(END) Dow Jones Newswires
March 04, 2020 02:47 ET (07:47 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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