QIAGEN Purchases Instrument Company
QIAGEN and Corbett have an existing relationship with more than 30 of QIAGEN’s molecular diagnostic assays optimized for the Rotor-Gene. QIAGEN stated that it will continue to provide open-platform assays, but that it will also focus on developing assays specifically for the Rotor-Gene. The 17.5% of Corbett not purchased by QIAGEN is owned by Biotage AB, which has not commented on the acquisition. Applied Biosystems recently filed a complaint for patent infringement against Corbett (see below).
Venlo, The Netherlands 7/1/08—QIAGEN NV has purchased Corbett Life Science for $66 million in cash, $4 million in restricted common stock, and milestone payments and other contingencies worth up to $65 million over four years. The purchase includes 82.5% of outstanding stock and the exercise of an exclusive purchase option for the remaining 17.5%. Headquartered in Sydney, Australia, Corbett sells the Rotor-Gene rotary real-time PCR cycler system and CAS benchtop robots. “We are pleased to offer our customers the choice of a superior platform of technologies for the entire workflow process—from sample to result,” stated QIAGEN CEO Peer Schatz. The acquisition is expected to add $40 million in sales for QIAGEN in 2009 and $14 million in the second half of this year. The purchase is forecasted to be dilutive by approximately $0.02 to 2008 adjusted EPS, neutral in 2009 and accretive afterwards. Corbett’s founders, John Corbett Senior and John Corbett Junior, will assume advisory roles at QIAGEN.
