QIAGEN Completes Acquisition of eGene

(PresseBox) ( Hilden, )
QIAGEN N.V. (Nasdaq: QGEN; Frankfurt, Prime Standard: QIA), the world's leading provider of sample and assay technologies for research in life sciences, applied testing and molecular diagnostics, today announced that its subsidiary QIAGEN North American Holdings, Inc. has completed its acquisition of eGene, Inc. in a transaction at $0.65 in cash and 0.0416 common shares of QIAGEN stock per share of eGene common stock. The transaction has been publicly announced on April 12, 2007. The aggregate purchase consideration amounts to approximately $34.0 million and consists of $15.5 million in cash and 1.0 million common shares of QIAGEN stock valued at $17.0 million (based on the average closing prices of QIAGEN common shares on the NASDAQ Global Select Market for the 20 trading days ending on April 12, 2007), as well as the assumption of certain liabilities in the amount of approximately $1.5 million.

eGene, located in Irvine, California, has developed a multi-channel sample separation and analysis technology for nucleic acids based on capillary electrophoresis that includes an affordable and robust instrument, software analysis package, and a selection of consumable cartridges especially designed for specific high-value applications in the molecular diagnostic and research markets. The HDA-GT12™ Genetic Analyzer incorporates many capabilities into one easy to use platform, integrating automatic sample loading, separation, and data analysis. Next generation products will most likely include an expanded menu of products targeting use in research, applied testing and molecular diagnostics and may be combined with QIAGEN’s QIAplex technology.

As QIAGEN announced on April 12, 2007, QIAGEN expects this transaction to contribute approximately $2 million in sales in the second half of 2007 and roughly $7-$9 million in sales for the full year in 2008. QIAGEN expects to incur one-time charges of approximately $0.01 in EPS in the third quarter 2007. These charges primarily relate to in-process research and development and the write-off of certain assets. On an adjusted basis excluding one-time charges, integration and restructuring costs and amortization of acquired IP, the acquisition is expected to reduce EPS in the second half of 2007 by approximately $0.01 and to be neutral to earnings in 2008. Beyond 2008, revenues for this product line are expected to grow rapidly and contribute significant accretion to net income as the instrument base expands and drives increasing consumable usage.
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