NEW YORK (GenomeWeb News) – Qiagen expects to raise gross proceeds of around $557 million from a public offering of newly issued common shares.
The firm said last night that it will offer 27.5 million shares at a price of $20.25 per share. Qiagen's shares closed at $21.02 in Thursday trade on the Nasdaq.
Qiagen had announced its intention to offer the shares earlier this week, on the same day that it announced it would acquire companion diagnostics firm DxS in a deal worth as much as $130 million. It said that the proceeds from the offering would be used to help fund the acquisition of DxS, as well as for potential future acquisitions, to strengthen its balance sheet, and for general corporate purposes.
Qiagen said that delivery of the shares will take place on Sep. 30, by which date the shares are expected to be trading on the Frankfurt Stock Exchange and the Nasdaq Global Select Market.