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Qiagen to Buy eGene in $34M Cash and Stock Deal

NEW YORK (GenomeWeb News) - Qiagen said today it will buy the sample-separation technology company eGene in a cash and stock deal valued at around $34 million.
Qiagen offered $.65 cash and .0416 of its common shares for each share of eGene’s stock.
eGene, which is based in Irvine, Calif., sells the HAD-GT12 Genetic Analyzer, a multi-channel sample separation and analysis solution that includes software and a range of consumable cartridges.
Qiagen CEO Peer Schatz said eGene’s products will combine seamlessly with Qiagen’s sample and assay technologies for molecular diagnostics and clinical research applications.
Qiagen said it expects the acquisition will contribute revenues of around $2 million in the second half of this year and revenues of $7 million to $9 million in 2008. After 2008, Qiagen expects the eGene division to “grow rapidly” and to make a “significant” contribution to profits. 
Qiagen said it will incur a one-time charge of $.01 on earnings per share in the third quarter of 2007 and an overall reduction in EPS of $0.1 for the second half of 2007. 

Both companies’ boards have approved the deal, which is expected to close in the third quarter of this year.

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