QIAGEN to Acquire SABiosciences
QIAGEN N.V. announced that it has signed a definite agreement to acquire SABiosciences Corporation, a privately-held developer and manufacturer of disease- and pathway-focused PCR assay panels. SABiosciences is based in Frederick, Maryland (USA), and employs a staff of around 100. The transaction is valued at US$90 million in cash (subject to customary purchase price adjustments) and is expected to close in late December 2009, following approval of SABiosciences' stockholders and the expiration of the statutory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
"SABiosciences is a leader in design and commercialization of disease- and pathway-based PCR assay panels", said Peer Schatz, CEO of QIAGEN. "These assay panels are designed for use with and leveraged by QIAGEN's sample and assay technologies and can be run on QIAGEN instruments. Subject to final closing, the transaction can create great value for both our strategy in pharma and our strategy in diagnostics. The addition of SABiosciences will boost our biological content engine significantly by adding to our position as a premium partner for the pharmaceutical industry and to the use of this position to yield diagnostic content for prevention, profiling, and, most significantly, personalized healthcare."
"We are very delighted with this merger", said Li Shen, President of SABiosciences. "The combination of SABiosciences' strong content development and bioinformatics capability with QIAGEN's leadership in molecular biology and its global footprint allow us to take our proven PCR Array technology to the next level. Together with QIAGEN we can roll out this technology internationally and bundle it with one of the industry's most reputed product portfolios, thereby providing even more value to our customers."
SABiosciences' operations are located in the immediate vicinity of QIAGEN's North American headquarters based in Germantown and Gaithersburg, Maryland. This proximity is expected to contribute to a rapid and smooth integration of SABiosciences into QIAGEN operations. Subject to the closing of the transaction, QIAGEN intends to further expand the segment of disease- and pathway-focused assay panels. QIAGEN also intends to establish SABiosciences' Frederick site as a Center of Excellence in biological content development and - due to the high level of synergies - to further grow the location in the near future.
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