In Frankfurt, Qiagen shares surge following Eqt’s 10.8 billion offer

(Il Sole 24 Ore Radiocor) - The biotech firm Qiagen surges on the Frankfurt Stock Exchange, bucking the trend set by DAX 40, following the agreement – announced late yesterday evening – for its acquisition by Eqt Private Equity. The offer, which is entirely in cash, amounts to 46.5 euros per share and values Qiagen at approximately 10.8 billion euros in terms of enterprise value, including net debt. This development is also reflected in Diasorin, a partner of Qiagen. The two companies collaborate in particular on the QuantiFeron tests for latent tuberculosis, carried out on Diasorin’s Liaison automated platforms.

Returning to Eqt’s offer, which comes at a time of excitement surrounding the biotech sector, the offer represents a premium of 40.3 per cent compared with the €33.15 recorded by Qiagen on 8 July – the last trading session before rumours emerged of interest from private equity funds – and 46.9 per cent compared with the weighted average price over the previous three months. Qiagen’s supervisory board and management board have “unanimously” approved the agreement: “The transaction offers shareholders compelling value whilst positioning Qiagen for its next phase of development under private ownership,” commented Stephen H. Rusckowski, Chairman of the Supervisory Board, in a statement. Having assessed the standalone prospects and the alternatives discussed with industrial and financial counterparties, the board concluded that “this is the best path forward for Qiagen, its shareholders and other stakeholders”.

The CEO, Jonathan M. Pratt, emphasised in particular the greater operational freedom expected as a result of the delisting: “Under private ownership, we can move faster and have greater freedom to direct resources towards the most attractive opportunities that are most consistent with our long-term strategy.” The transaction is expected to be completed in mid-2027 and is subject, amongst other things, to the achievement of a minimum acceptance threshold of 50 per cent of the share capital plus one share, and to regulatory approvals.

Furthermore, as part of the so-called ‘post-closing’ measures, the document states: “All Qiagen shareholders who have not accepted the offer will receive a cash distribution equal to the offer price, net of tax”. Consequently, “the net amount received by these shareholders may be less than what they would have received had they accepted the offer”, explains the company, which in any case is expected to proceed with delisting from Frankfurt and New York.