QIAGEN Acquires PCR Assay Provider
QIAGEN stated that in contrast to other assay products that focus on a single gene, SABiosciences’ assay panels cover all genes associated with a specific disease or pathway. According to QIAGEN, 80% of SABiosciences’ revenues are from sales of real time PCR assays for areas such as genetic expression, microRNA and epigenetics.
Venlo, The Netherlands 11/9/09—QIAGEN NV has agreed to acquire SABiosciences for $90 million in cash, subject to purchase price adjustments. SABiosciences is a developer and manufacturer of more than 100 disease- and pathway-focused PCR assay panels. Based in Frederick, Maryland, SABiosciences has around 100 employees. “These assay panels are designed for use with and leveraged by QIAGEN’s sample and assay technologies and can be run on QIAGEN instruments,” stated QIAGEN CEO Peer Schatz. “Subject to final closing, the transaction can create great value for both our strategy in pharma and our strategy in diagnostics.” The acquisition is expected to add $24 million in sales in 2010 with growth above QIAGEN’s average. The transaction is expected to be neutral to adjusted EPS in 2010 and to be significantly accretive in 2010. The deal is expected to close in late December.
