QIAGEN to Acquire Nextal Biotechnologies

01-Jul-2005

QIAGEN N.V. announced that it has entered into a definitive agreement to acquire Nextal biotechnology Inc., a fast-growing provider of proprietary sample preparation tools which make protein crystallization more accessible.

Nextal has developed and recently initiated the marketing of a comprehensive suite of consumables which dramatically simplify the process of sample preparation of proteins for subsequent crystallographic analysis. Despite having only recently been launched, Nextal's product sales are growing very rapidly and are already sold to leading academic institutes, biotechnology and major pharmaceutical companies. Like QIAGEN, Nextal has made significant moves towards the standardization of previously complex preanalytical processes within its own range of pre-manufactured consumables and is replacing homebrew methods.

Subject to the terms of the acquisition agreement, QIAGEN will pay approximately US$9.7 million in cash in exchange for all of the outstanding capital stock of Nextal. An additional consideration of approximately US$4.5 million is subject to certain milestones. QIAGEN expects to incur charges relating to the acquisition of less than US$1 million in its financial results for the second quarter of 2005. The Company anticipates the transaction will add approximately US$3 million in net sales and will be neutral to net income to QIAGEN's 2006 financial results.

The acquisition positions QIAGEN as a leading provider of an extensive portfolio of preanalytical solutions addressing structure determination, structure based drug design and structural genomics. This highly dynamic sector of the market is experiencing a period of rapid growth as it undergoes a tremendous increase in innovation and increased utility of its tools. In particular pharmaceutical companies use or intend to use these techniques throughout the drug discovery and development process

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