NEW YORK (GenomeWeb News) – The board of directors of French companion diagnostics firm Ipsogen has approved the terms of a proposed acquisition by Qiagen.
Qiagen announced its plans to buy the firm in a deal valued at around €70 million ($101 million) a few weeks ago. At the time, Qiagen entered into exclusive negotiations with a group of Ipsogen shareholders to purchase about 47 percent of the company's outstanding shares currently held or controlled by company co-founders and board members. After the purchase agreement has been signed and the purchase is completed, Qiagen will begin to acquire all remaining shares of Ipsogen.
Qiagen is paying €12.90 per share to acquire a 47 percent stake in the company and to purchase all remaining shares afterward.
After the close of the market Friday, Qiagen said that Ipsogen's board had voted in favor of the deal and gave a favorable preliminary opinion on the subsequent public tender offer. Qiagen also entered into agreements with shareholders holding 61 percent of the share capital of Ipsogen to sell their shares to Qiagen.
As of June 12, Qiagen expects Ipsogen will become a fully consolidated subsidiary of the firm.