M&A Report

Thermo Fisher Acquisition of Qiagen Remains on Track

COVID-19 continues to cast a pall on strategic M&A activity in the diagnostics space with the key players monitoring events before making their moves. However, there are still a few smaller deals being made. Perhaps more significantly, the blockbusters that were announced before the pandemic remain on track.

Thermo Fisher Makes Progress on Qiagen Acquisition

After last month’s completion of Danaher’s $21.4 billion acquisition of GE’s Biopharma business (For complete analysis, see, LIR, May 8, 2020), the $11.5 billion Thermo Fisher Scientific takeover of Qiagen seems to be heading for closing. A key hurdle was cleared when the German Federal Financial Supervisory Authority, the German analog to the U.S. Federal Trade Commission, approved the deal. On May 18, Thermo Fisher published the official tender offer document.

Qiagen shareholders are expected to vote on the deal at their upcoming June 30 general meeting. At least one shareholder is likely to vote NO, namely, common shareholder and investor Milton Pfeiffer, who has brought a lawsuit to stop the acquisition contending that Qiagen directors violated the federal Securities Exchange Act by failing to disclose the necessary information about the deal.


Here’s a summary of the key M&A diagnostic deals announced in May 2020:

MERGERS, ACQUISITIONS & ASSET SALES
Acquiring Company Target(s) Deal Summary
Meridian Bioscience-DELETE Exalenz Bioscience
  • Price: $49 million (6.10 Israeli shekels per share)
  • Status: Expected to close by end of Q2
  • Meridian to add Exalenz’s BreathID Breath Test Systems, a point-of-care urea breath test platform for H. pylori detection
Roche Stratos Genomics
  • Price: Undisclosed
  • Status: Closed
  • Acquisition of Seattle-based early-stage sequencing technology firm bid will support Roche’s nanopore sequencer development efforts
Curative Korva Labs
  • Price: Undisclosed
  • Status: Closed
  • Firms had previously partnered to create new COVID-19 drive thru testing lab in Southern California
Sartorius Danaher
  • Price: $825 million
  • Status: Closed
  • Danaher sells off its biomolecular characterization, chromatography hardware, microcarriers, tangential flow filtration systems and other businesses to secure regulatory approval for upcoming GE Biopharma acquisition
The DNA Company My Pain Sensei
  • Price: $30 million
  • Status: Closed
  • New company, rebranded as My Next Health, to combine precision medicine and digital therapeutics to develop health management applications based on individual genotypes
Olink Proteomics Agriser
  • Price: Undisclosed
  • Status: Closed
  • Olink, which protein biomarker discovery products based on proximity extension assay technology acquires Swedish antibody manufacturer
Accelmed Partners TearLab
  • Price: $25 million over two tranches
  • Status: Expected to close in Q2
  • TearLab to delist from over-the-counter market and become private company with Accelmed as controlling shareholder
Meridian Bioscience Exalenz Bioscience
  • Price: $49 million
  • Status: Closed
  • Acquisition of breath diagnostics firm based in Israel
DiscernDx Luminist Labs
  • Price: Undisclosed
  • Status: Closed
  • Acquisition of privately held developer of diagnostic technology for nonalcoholic steatohepatitis (NASH) and other liver diseases
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