QIAGEN acquires Corbett Life Science
Transaction adds proprietary Real-Time PCR detection technologies to QIAGEN's portfolio of molecular testing solutions
QIAGEN N.V. announced that it has acquired Corbett life science Pty. Ltd. (Corbett), a privately-held developer, manufacturer, and distributor of life sciences instrumentation headquartered in Sydney, Australia. The transaction is valued at approximately US$66 million in cash (subject to certain customary purchase price adjustments), US$4 million in restricted QIAGEN common stock and performance and development milestone payments and other contingencies of up to approximately US$65 million over the next four years.
Corbett is best known for having developed the world's first rotary real-time PCR cycler system - the Rotor-Gene(TM) - a system used to detect real-time polymerase chain reaction (PCR) reactions which make specific sequences of DNA and RNA targets visible through amplification and quantifiable through real-time measurement of such amplification. The addition of this proprietary PCR detection technology extends QIAGEN's molecular testing solution portfolio and enhances QIAGEN's options to offer sample and assay technology solutions spanning from sample to result.
Financial highlights of the acquisition:
· QIAGEN acquires the entire outstanding stock of Corbett for US$66 million in cash (subject to certain customary purchase price adjustments), US$4 million in restricted QIAGEN common stock and up to approximately US$65 million in milestone payments and other contingencies over the next four years.
· Expected to add revenues of approximately US$14 million in the second half of 2008 and approximately US$40 million in sales for the full year of 2009.
· Expected one-time charges of approximately US$0.02 in EPS in the third quarter 2008.
· Expected to be dilutive by approximately US$0.02 to adjusted EPS in 2008 and neutral in 2009, accretive thereafter.
· No material change to QIAGEN's expected margins in 2009 and thereafter.
Corbett Life Science founders John Corbett Senior and John Corbett Junior will both assume advisory roles at QIAGEN.
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