QIAGEN Announces Closing of the Acquisition of SABiosciences
Qiagen N.V. announced the completion of its previously announced acquisition of SABiosciences Corporation, a privately-held developer and manufacturer of disease- and pathway-focused PCR assay panels based in Frederick, Maryland (USA). The closing follows the approval of the acquisition by SABiosciences’ stockholders and the expiration of the statutory 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. QIAGEN had announced the signing of a definite agreement to acquire SABiosciences on November 9, 2009.
"We are pleased to now have completed the transaction”, said Peer M. Schatz, Chief Executive Officer of QIAGEN. “Together with our new colleagues we will initiate the integration process. We believe this process will be a quick and smooth one – given the high level of complementarities. I would like to use this opportunity to welcome our new employees to QIAGEN. Their competence will help us leverage the combined Company’s value proposition in the field of biomarker discovery and validation for the development of future diagnostics and pharmaceuticals.”
QIAGEN had already disclosed its intention to expand the business of disease- and pathway-focused assay panels and to further grow SABiosciences’ Frederick site as a Center of Excellence in biological content development. The proximity to QIAGEN’s North American headquarters in Maryland is expected to contribute to a rapid and smooth integration.
The transaction was valued at approximately US$90 million in cash subject to customary purchase price adjustments.
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