Thermo Fisher Raises Offer for Qiagen to About $11.2 Billion
July 16 2020 - 9:41AM
Dow Jones News
By Colin Kellaher
Thermo Fisher Scientific Inc. on Thursday said it agreed to
raise its bid for Qiagen NV by about 10.3% to reflect the rising
value of the Netherlands-based molecular-diagnostics company amid
the coronavirus pandemic.
Thermo Fisher said it is now offering 43 euros ($49.07) for each
share of Qiagen, up from 39 million euros, bringing the value of
the deal to about $11.2 billion.
The Waltham, Mass., company in March announced an agreement to
buy Qiagen for about $10.1 billion to bulk up in the field of
infectious-disease testing. The new offer reflects a roughly 35%
premium to Qiagen's closing price on March 2, the day before the
deal was announced.
Thermo Fisher on Thursday said industry dynamics "have changed
considerably" since then, as both companies work to help their
customers battle the pandemic, and it said the increased bid
reflects the fair value of Qiagen's business given the current
environment.
Analysts had recently speculated that heightened demand for
diagnostic tools amid the pandemic could prompt Thermo Fisher to
increase its offer.
Frankfurt-listed shares of Qiagen were recently up 1%, to 41.38
euros.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
July 16, 2020 09:26 ET (13:26 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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