Qiagen to Acquire Australian Diagnostics Company Cellestis for $355M p/sh

Qiagen NV (QGEN) announced today that it reached an agreement to acquire Australian-based company Cellestis Limited (CST: AU) for approximately $355 million in cash, or A$3.55 per share, based on an exchange rate of A$1.00 = US$1.04, providing Qiagen with access to a novel “pre-molecular” technology that offers a new dimension in disease detection not currently possible with other diagnostic methods.

Qiagen, a Netherlands holding company, said in press release that the acquisition of Cellestis, whose net sales in the fiscal year ending June 30, 2010 rose 17% to $42.0 million, will provide Qiagen with exclusive rights to QuantiFERON technology, a proprietary approach for disease detection and monitoring.

Cellestis has successfully commercialized this technology with QuantiFERON®-TB Gold In-Tube (QFT), a leading test for latent tuberculosis (TB).

“Cellestis has succeeded in developing QuantiFERON® as a breakthrough technology, via the QFT-TB test that is becoming the standard for latent TB diagnosis,” said Cellestis CEO Anthony Radford. “We believe QIAGEN as an industry-leading company provides the best strategic fit in terms of capabilities and resources. As part of QIAGEN, we will be able to accelerate our growth much faster than as a stand-alone company and offer even greater benefits to patients and healthcare providers.”

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