QIAGEN enters into agreement to acquire STAT-Dx
Qiagen, a Netherlands-based holding company has entered into an agreement to acquire Stat-Dx –a privately-held company with headquarters at the Barcelona Science Park– for $191 million. The catalan biotec, founded in 2010 by Jordi Carrera and Rafael Bru, is focused on the development, manufacturing and commercialization of “Closer to Care” diagnostic solutions.
Subject to the successful completion of defined development activities by Stat-Dx, Qiagen has agreed to acquire all shares of Stat-Dx for approximately $147 million in cash and additional payments of up to about $44 million based on the achievement of regulatory and commercial milestones. The acquisition is expected to be completed in the second quarter of 2018 and funded from existing cash reserves.
Stat-Dx has developed the DiagCORE system, which will be branded as QIAstat-Dx subject to closing of the transaction that is planned for the second quarter of 2018. DiagCORE technology enables scalable Sample to Insight processing of up to 48 molecular targets simultaneously to diagnose syndromes such as serious respiratory or gastrointestinal infections, as well as for use in oncology. With costefficient, easy-to-use assays suitable for any clinical sample type, the system can provide qualitative as well as quantitative insights in about one hour into the precise cause of various syndromes.
For 2018, sales of about $7 million are expected from the QIAstat-Dx launch in Europe and other markets planned for the second half of 2018, while sales of at least $30 million are expected in 2019. Due to investments for commercialization, U.S. regulatory clearance and test development, the transaction is expected to be dilutive to full-year 2018 adjusted EPS by about $0.05 per share, but to be neutral in 2019.