Thermo Fisher announces new appointment, QIAGEN acquisition
Serving science company Thermo Fisher Scientific has proposed to acquire QIAGEN, a global provider of molecular diagnostics and sample preparation technologies, for €39 per share in cash — a proposal that has been unanimously approved by both companies’ boards of directors as well as the managing board of QIAGEN.
The offer price represents a premium of approximately 23% to the closing price of QIAGEN’s common stock on the Frankfurt Prime Standard on 2 March, the last trading day prior to the announcement of the transaction. Thermo Fisher will now commence a tender offer to acquire all of the ordinary shares of QIAGEN. The transaction values QIAGEN at approximately US$11.5 billion at current exchange rates, which includes the assumption of approximately US$1.4 billion of net debt.
QIAGEN is a provider of life science and molecular diagnostic solutions and employs approximately 5100 people at 35 locations in more than 25 countries. Its sample preparation technologies are used to extract, isolate and purify DNA, RNA and proteins from a wide range of biological samples. The company’s assay technologies are then used to amplify and enrich these biomolecules to make them readily accessible for analysis. In addition, QIAGEN’s instruments can be used to automate these workflows, while its bioinformatics systems provide customers with relevant, actionable insights.
“Our vision at QIAGEN has always been to make improvements in life possible with our differentiated Sample to Insight molecular testing solutions,” said Thierry Bernard, interim CEO of QIAGEN and Senior Vice President, head of the molecular diagnostics business area. “This strategic step with Thermo Fisher will enable us to enter a promising new era and will give our employees the opportunity to have an even greater impact. The combination is designed to deliver significant cash value to our shareholders, while enabling us to accelerate the expansion of our solutions to provide customers worldwide with breakthroughs that advance our knowledge about the science of life and improve health outcomes.”
“We are excited to bring together our complementary offerings to advance our customers’ important work, from discovery to diagnostics,” said Marc N Casper, Chairman, President and CEO of Thermo Fisher. “This acquisition provides us with the opportunity to leverage our industry-leading capabilities and R&D expertise to accelerate innovation and address emerging healthcare needs. For shareholders, we expect the transaction to be immediately accretive and to generate significant cost and revenue synergies.
“We look forward to welcoming QIAGEN’s employees to Thermo Fisher and are excited about the new opportunities we’ll have to advance precision medicine through new molecular diagnostics and improved life sciences workflows.”
The transaction, which is expected to be completed in the first half of 2021, is subject to the satisfaction of customary closing conditions, including the receipt of applicable regulatory approvals, the adoption of certain resolutions relating to the transaction at an extraordinary general meeting of QIAGEN’s shareholders and completion of the tender offer. Thermo Fisher has obtained committed bridge financing; permanent funding is expected to come from cash on hand and the issuance of new debt.
Thermo Fisher has also announced the appointment of Paul G Parker, effective 15 April, as Senior Vice President, Strategy and Corporate Development, which also includes corporate social responsibility.
Parker joins from Goldman Sachs, where he served for six years as co-chairman of global mergers & acquisitions and as a member of the firm’s partnership committee. His investment banking career spans 35 years, having held numerous global operating and senior client relationship roles at Goldman Sachs and other financial services firms including Barclays, Lehman Brothers and J.P. Morgan. Parker is a graduate of Harvard Business School and The University of North Carolina at Chapel Hill.
“We are pleased to welcome Paul to the Thermo Fisher leadership team as we broaden our deep bench of executive talent,” said Casper, who will be Parker’s immediate boss. “With more than three decades of investment banking experience, Paul is a highly respected leader in the global banking and finance community and brings skills that will complement our team. Having worked closely with Paul over the years, I am confident he will make significant contributions to our ongoing success as we continue to execute our proven growth strategy and create shareholder value.”
Parker said, “I am proud to join such an exceptional company and management team. Under Marc’s leadership, Thermo Fisher has successfully executed a visionary plan that has positioned the company as the unmatched leader in life sciences and health care. I look forward to working alongside my new colleagues to continue the company’s growth trajectory through strategic M&A and by advancing its commitment to corporate social responsibility.”
Shiraz Ladiwala, currently Head of Strategy and Corporate Development for Thermo Fisher, has meanwhile announced his plans to retire from the company in March 2021. He will serve as Senior Vice President, Integrations, until that time and will primarily lead integration planning for the QIAGEN acquisition.
Casper said, “On behalf of the entire Thermo Fisher team, I would like to thank Shiraz for his significant contributions during his outstanding 20-plus year career with us. His insights and leadership have guided us through significant value creation and I’m pleased that we will continue to benefit from his expertise in the coming year.”
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