NEW YORK (GenomeWeb) – Qiagen said in a filing with the US Securities and Exchange Commission today that it paid $114.2 million in cash consideration to acquire Enzymatics' enzyme solutions unit in December 2014.
The firm said that $11.5 million was retained in an escrow account to cover any claims for breach of any representations, warranties, or indemnities.
Under the purchase agreement, Qiagen said it could be required to make additional contingent cash payments totaling $25.5 million through 2017.
During the fourth quarter of 2014, Qiagen recorded pretax restructuring charges of $37.1 million related to the acquisition, and further noted that it did not expect to record additional restructuring charges in 2015 related to the acquisition.
At the time of the acquisition, Qiagen said that Enzymatics' portfolio of reagents are estimated to be used in more than 80 percent of all global NGS sequencing reactions and are used across the workflows of all commercially available sequencing solutions.
In its SEC filing, Qiagen also said it has launched an offer to repurchase all of its outstanding convertible notes due 2024, has repaid a $130.5 million loan to Qiagen Finance, and repurchased the related warrants to optimize its balance sheet by reducing related potential share dilution. The firm said it expects to make cash payments of approximately $250 million from existing reserves for the repurchase.