Thermo Fisher Scientific has scrapped its previously planned $11.5 billion acquisition of Qiagen after its offer to buy all of the ordinary shares of the latter lapsed.
The US life sciences company announced the acquisition of the Netherlands-based provider of molecular diagnostics and sample preparation technologies in March 2020 in a move to expand specialty diagnostics portfolio.
Qiagen said that a total of 47% of its outstanding shares were tendered into Thermo Fisher Scientific’s offer of €43.00 per share at the expiry of the acceptance period on 10 August 2020. As a result, the amended business merger agreement has been canceled as the acceptance threshold was not met.
Commenting on the cancellation of Thermo Fisher acquisition of Qiagen, Dr. Håkan Björklund – Chairman of the Supervisory Board of Qiagen, said: “We respect the decision of our shareholders and will now continue to execute our strategy to deliver growth and create greater value with our Sample to Insight portfolio that addresses growing molecular testing needs in the life sciences and molecular diagnostics.”
Qiagen CEO Thierry Bernard said that the company’s business prospects have significantly improved as the ongoing Covid-19 pandemic increased the use of molecular testing.
The company will now go ahead with its plans to fully acquire NeuMoDx Molecular by buying out the remaining stake of 70.1% in the latter for about $234 million as per an announcement made in September 2018. Based in Michigan, NeuMoDx Molecular designs and develops molecular diagnostic solutions for hospital and clinical reference laboratories.
Following the cancellation of Thermo Fisher acquisition of Qiagen, the Dutch firm will make an expense reimbursement payment to the former of $95 million in cash in line with the terms of their acquisition agreement.
Marc N. Casper – chairman, president and CEO of Thermo Fisher Scientific said: “Thermo Fisher is a disciplined acquirer with a strong track record of executing value-creating transactions. We remain extremely well-positioned to deliver on our proven growth strategy and continue to generate significant returns for our shareholders.”