QIAGEN Buys Capillary Electrophoresis Company
For the first nine months of 2008, eGene’s revenues increased 168% to $1.9 million. The third quarter of 2006 marked the company’s first profitable quarter. The acquisition provides QIAGEN with an automated, low-cost system that it can sell to the research and diagnostics market along with its sample preparation products and assays.
Venlo, The Netherlands 4/13/07—QIAGEN NV has agreed to acquire eGene, the maker of the HAD-GT12 Genetic Analyzer, an capillary electrophoresis–based system for DNA analysis in research and molecular diagnostics applications. QIAGEN North American Holdings will offer $0.65 in cash and 0.0416 common shares of QIAGEN stock per eGene share for an aggregate amount of approximately $34.0 million. QIAGEN expects the acquisition to contribute $2 million in sales in the second half of this year and $7–$9 million in sales in 2008. The acquisition is forecasted to reduce earnings per share by $0.01 in the second half of 2007 and to be neutral to earnings in 2008. “eGene has developed a sample separation system for nucleic acid processing that is both affordable and robust,” commented QIAGEN CEO Peer M. Schatz. “With the eGene system, we are adding a consumable and instrument line which provides quality control capabilities following the use of sample technologies as well as a readout system for our assay technologies in one platform.” The acquisition is expected to close in the third quarter.
