NEW YORK (GenomeWeb News) - Qiagen said yesterday it has closed its acquisition of Digene through a tender offer and merger valued at around $1.6 billion, under which Digene will become a wholly owned subsidiary of Qiagen North American Holdings.
Qiagen announced its intention to purchase the firm in early June.
Digene's central offering is a diagnostic test for human papillomavirus. One of its tests has been approved by the US Food and Drug Administration and has received CE-mark clearance by European regulators.
In June, Qiagen CEO Peer Schatz said the acquisition of Digene's molecular diagnostics assets would provide the firm "with many ways to drive top-line and bottom-line growth, such as access to new channels with existing and new products and combined technology, resources and infrastructure to provide greater operating strengths."
Under the terms of the deal, Qiagen shareholders agreed to pay $61.25 or 3.545 shares of Qiagen stock for each share of Digene stock. Qiagen today said that 94 percent of Digene shares were tendered and that 90 percent of the shares tendered opted to receive Qiagen stock.
Advisors for the transaction were Goldman Sachs for Qiagen and JP Morgan for Digene.
In a separate announcement today, Qiagen said that it has opened a new subsidiary in Hong Kong, which will serve as the hub for further expansion in the region.
Frauke Ehlert, general manager of Qiagen China and Hong Kong, said in a statement, "Hong Kong is a focal point for science, healthcare and the fast-developing market for biomedical research."
Qiagen has 12 offices and approximately 300 employees throughout Asia. According to the firm, Asian sales contribute 15 percent to Qiagen's overall revenues.