NEW YORK (GenomeWeb News) — Qiagen last week acquired Genaco Biomedical Products for $22 million in cash, the company said today.
Qiagen purchased 100 percent of the company’s outstanding stock, and will pay out as much as $18 million in milestone payments from anticipated grants.
Genaco is an early-stage company that uses a proprietary PCR-based multiplexing technology, called TEM-PCR, in its Templex molecular diagnostics, Qiagen said.
These tests are used by medical researchers to investigate respiratory, nosocomial bacterial infections, and other pathogens.
Qiagen said it expects the acquisition to contribute approximately $200,000 in sales in the fourth quarter of 2006 and approximately $3 million in sales for the full year of 2007.