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Qiagen Picks up Chinese Reagent Provider Tianwei in Acquisition Worth up to $4M

NEW YORK, June 14 (GenomeWeb News) - Qiagen has acquired Chinese nucleic acid purification reagents provider Tianwei Times for approximately $2 million in cash plus an additional $2 million in performance-based milestones over the next two years, the company said yesterday.

 

Under the terms of the acquisition, which still needs to be approved by the Chinese government, Qiagen purchased certain assets of the Beijing-based company, which has approximately 50 employees.

 

Qiagen expects Tianwei, which focuses on providing solutions for DNA and RNA purification, to contribute $1.5 million to $2 million in reagent sales and $0.3 million in net earnings in 2006.

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