Qiagen makes a grab for Cellestis

The binge of mergers and acquisitions continues with Dutch biotech Qiagen making an grab for diagnostics company Cellestis valued at $341.3 million.

Qiagen is offering to buy up Cellestis' stock at $3.55 per share, a premium of 31.5% on three-month weighted average up to 1 April 2011.

The Cellestis board has unanimously voted in favour of the scheme and will be offering their own shares in lieu of a superior offer.

The offer saw Cellestis' share price jump by over 15% to $3.47 in morning trading.

Cellestis specialises in diagnostics for tuberculosis and markets its QuantiFERON, a blood test for Mycobacterium tuberculosis.

Qiagen is a leading provider of sample and assay technologies and service industries such as diagnostics, food and a animal testing, forensics and research.

The two companies have entered into a scheme implementation deed which places conditions on the scheme, such that it is deemed in the best interests of Cellestis shareholders by an independent review.

Should regulatory and court approvals be forthcoming, the deal is expected to be finalised in July of this year.