Qiagen Slumps on Decision to Stay Independent After Approaches
Qiagen Slumps on Decision to Stay Independent After Approaches
(Bloomberg) -- Qiagen NV slumped 26% in post-market trading in the U.S. after the Dutch molecular-testing firm ended discussions with potential acquirers, calling the proposals “not compelling,” and decided to continue on as a stand-alone company.
Qiagen disclosed in mid-November that it had received interest from potential buyers and was reviewing strategic alternatives. The execution of the current stand-alone business plan represents “the best opportunity to drive future value creation,” Qiagen said in a statement Tuesday.
The shares slumped to $30.50 after the markets closed early on Christmas eve. That’s below their level before Bloomberg News first reported that Thermo Fisher Scientific Inc. approached Venlo, Netherlands-based Qiagen about a potential purchase. Qiagen disclosed its strategic review two days after that report.
Thermo Fisher didn’t immediately return a request for comment.
The decision to stay independent follows a period of tumult for Qiagen. In October, the company cut its outlook and announced the departure of its longtime chief executive officer, Peer Schatz, which sent the shares down to $25.41, the lowest level in almost three years.
Qiagen said at the time it would partner with genome-sequencing industry giant Illumina Inc. and suspend its own genome-sequencing instrument development as part of an effort to “free up resources.”
To contact the reporter on this story: Emma Court in New York at ecourt1@bloomberg.net
To contact the editors responsible for this story: Drew Armstrong at darmstrong17@bloomberg.net, Cécile Daurat, Jonathan Roeder
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