QIAGEN Agrees to Acquire China-Based Tianwei

15-Jun-2005

Qiagen N.V. announced that it has completed the acquisition of Beijing-based Tianwei Times ("Tianwei"). Tianwei, a privately held company, is a leading developer, manufacturer and supplier of nucleic acid sample preparation consumables in China. The acquisition expands QIAGEN's position as the leading supplier for products and technologies for preanalytical sample preparation in the rapidly growing market in China. The transaction is currently pending Chinese government approval.

Under the terms of the acquisition agreement, QIAGEN has acquired certain assets of Tianwei for approximately US$2.0 million in cash plus potential earn-outs over two years that are estimated at approximately US$2.0 million. QIAGEN expects to incur one-time charges relating to the acquisition of less than US$0.5 million in the third quarter 2005. Based on preliminary analysis, QIAGEN expects this transaction to contribute approximately $1.5-2.0 million in sales of preanalytical and related products and approximately $0.3 million in net income in 2006. Tianwei currently employs approximately 50 employees, of which a substantial number are employed in research and development.

"Over the course of 2004, QIAGEN significantly expanded its position in China," said Peer M. Schatz, QIAGEN's Chief Executive Officer. We established a focused, local marketing presence including an office in Shanghai and strengthened our distribution channels with Gene Company as the major distributor. Tianwei will complement these activities with its research, manufacturing and marketing organization and will allow us to tailor preanalytical solutions for nucleic acids and proteins to meet the specific needs of the local scientific community. With its clear focus on scientific excellence and its strong reputation, Tianwei proved to be a perfect match to QIAGEN's strategic goals and will now serve as a base for the expansion of our presence and our research and manufacturing activities in this rapidly growing market."

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