Under the terms of the agreement, which is pending Chinese government approval and subject to certain closing conditions, Qiagen will acquire all outstanding shares of Shenzhen-based PG Biotech. More than half of the company's shares are currently held by state-owned institutions. Depending on the date of the closing, Qiagen expects the acquisition to contribute $6millionn to $7 million in sales over 12 months.
PG Biotech, which has a staff of 120, with a "substantial number" in research and development, according to Qiagen, provides PCR-based molecular diagnostic assays in
This is not Qiagen's first foray in to the Chinese market: in June, the company acquired nucleic acid reagent provider Tianwei Times. Qiagen also opened an office in