Thermo Fisher Scientific’s bid to acquire molecular diagnostics company Qiagen has failed and the deal is terminated. The deal was made public just before the pandemic and was valued at $11.5 billion. With testing and supplies boom for both companies, in the pandemic, Thermo Fisher raised its offer. Accordingly, the minimum 66.67% acceptance threshold condition from QIAGEN shareholders, was not achieved.
Qiagen, a provider of sample and assay technologies for molecular diagnostics, applied testing, academic and pharmaceutical research, will pay an expense reimbursement payment of USD 95 million to Thermo Fisher as per the acquisition agreement.
With the increasingly critical importance of molecular testing today, QIAGEN’s business prospects have improved significantly. According to the CEO of QIAGEN, they would go ahead with the plans to fully acquire NeuMoDx, which offers molecular diagnostic testing platforms along with a solution for coronavirus testing and a range of assays in Europe, the U.S. and rest of the world.