QIAGEN Acquires Genaco Biomedical Products, Inc.
Qiagen N.V. announced that it acquired all outstanding shares of Genaco Biomedical Products, Inc. (Genaco). Genaco is an early-stage company applying a proprietary PCR-based multiplexing technology, Tem-PCR, to develop Templex(TM) molecular diagnostic tests. Genaco is based in Huntsville, Alabama.
"Genaco has developed a truly innovative approach to sensitive and high-level multiplex testing," said Peer M. Schatz, QIAGEN's Chief Executive Officer. "We believe that multiplexed molecular diagnostic testing is increasingly attractive due to current trends in molecular diagnostics and research, where identifying pathogens and disease markers against a broad panel of potential markers in a quick and in a cost efficient manner is developing into a significant need. The Genaco solutions leverage and employ QIAGEN preanalytical and assay technologies and offer novel and highly attractive molecular diagnostics solutions to our customers in clinical research, applied testing and molecular diagnostics. "
Genaco's proprietary Tem-PCR technology employs a combination of so-called nested- and super-primers and thereby solves many of the issues associated with the current limitations of end-point and real-time PCR-based multiplexing, according to the company.
Under the terms of the share purchase agreement, QIAGEN acquired 100% of the outstanding shares of Genaco for US$22 million in cash plus 125,000 shares of restricted QIAGEN stock which are issued to the founder and chief scientist of Genaco. In addition QIAGEN will pay up to US$18 million in milestones which to a significant extent are triggered by the receipt of anticipated grants and comparable funding in the same amount.
QIAGEN expects to incur one-time charges of approximately US$0.02 in EPS in the fourth quarter 2006. These charges primarily relate to in-process research and development and the write-off of certain assets. In addition, based on preliminary analyses, QIAGEN expects this transaction to contribute approximately US$200,000 in sales in the last quarter of 2006 and approximately US$3 million in sales for the full year of 2007.
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