QIAGEN Makes Bid for Molecular Diagnostics Firm
Over the past seven years, QIAGEN has steadily transformed itself from a research tools company to a molecular diagnostics company. In 2010, 47% of the company’s revenue was derived from molecular diagnostic sales. Other suppliers of drug discovery and development tools that have expanded their diagnostic businesses recently include Thermo Fisher Scientific (see IBO 5/31/11) and PerkinElmer (see IBO 4/15/10). The Wall Street Journal reported on June 7 that Thermo and Life Technologies were no longer bidding to buy diagnostics firm Gen-Probe (see IBO 5/31/11).
Venlo, The Netherlands 6/15/11—QIAGEN announced that it has made an offer and entered into exclusive negotiations to acquire 47% of Ipsogen for €12.90 ($18.60 = €0.69 = $1) per share. Subsequently, QIAGEN would make a public offer to acquire the remainder of the company for the same price, which is a 71.3% premium over Ipsogen’s June 13 share price. The total value to fully acquire the company is estimated at €70 million ($101 million). Based in Marseilles, France, Ipsogen is a provider of molecular diagnostic PCR assays for biomarkers used for the diagnosis, prognosis and monitoring of patients with blood cancers. Nearly all of the company’s 80 tests have CE-IVD marking in Europe. In 2010, Ipsogen’s revenues grew 24% to €8.4 million ($12.1 million). The company has 70 employees. “Ipsogen’s molecular cancer profiling and personalized health care assays are clearly setting standards for the diagnosis and monitoring of many types of blood cancers as well as the selection and guidance of therapies,” said QIAGEN CEO Peer Schatz. The acquisition is estimated to be slightly dilutive to adjusted EPS in 2012 and accretive beginning in 2013. The transaction is expected to close by the end of the third quarter.
