Thermo Fisher to acquire Qiagen in $11bn deal
Life sciences leader Thermo Fisher Scientific will acquire diagnostics company Qiagen in a deal estimated to be worth $11.5 billion.
Qiagen produces molecular diagnostics and sample preparation technologies for the life science industries. The company’s sample preparation technologies are used to extract, isolate and purify DNA, RNA and proteins from a wide range of biological samples. Qiagen also supplies assay technologies to amplify and enrich these biomolecules to make them readily accessible for analysis – alongside bioinformatics and automated workflow instruments.
Thermo Fisher Scientific’s offer represents a premium of 23% of what Qiagen’s stock was worth on the last trading day before the transaction was made. Thermo Fisher Scientific will also acquire approximately $1.4 billion of net debt from Qiagen. Qiagen currently employs around 5,100 people at 35 locations across 25 countries.
Thermo Fisher already has speciality diagnostic capabilities throughout areas such as autoimmunity and clinical oncology testing. Qiagen’s portfolio of diagnostic technologies is expected to help accelerate Thermo Fisher’s development of higher-specificity, faster, and more comprehensive tests that could improve patient outcomes.
“We are excited to bring together our complementary offerings to advance our customers’ important work, from discovery to diagnostics,” said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific.
“This acquisition provides us with the opportunity to leverage our industry-leading capabilities and R&D expertise to accelerate innovation and address emerging healthcare needs. For shareholders, we expect the transaction to be immediately accretive and to generate significant cost and revenue synergies.”
“Our vision at Qiagen has always been to make improvements in life possible with our differentiated Sample to Insight molecular testing solutions,” said Thierry Bernard, interim chief executive officer of Qiagen N.V. and senior vice president, head of the molecular diagnostics business area.
“This strategic step with Thermo Fisher will enable us to enter a promising new era and will give our employees the opportunity to have an even greater impact. The combination is designed to deliver significant cash value to our shareholders, while enabling us to accelerate the expansion of our solutions to provide customers worldwide with breakthroughs that advance our knowledge about the science of life and improve health outcomes.”
“We look forward to welcoming Qiagen’s employees to Thermo Fisher and are excited about the new opportunities we’ll have to advance precision medicine through new molecular diagnostics and improved life sciences workflows,” Casper concluded.