Stock Alert: Qiagen Climbs After Agreeing To Acquisition By Thermo Fisher

(RTTNews) - Shares of Qiagen N.V. (QGEN) are gaining more than 14 percent in the morning trade on Tuesday at $41.38, following announcement of the company's acquisition by laboratory equipment maker Thermo Fisher Scientific Inc. (TMO).

The stock has traded in a range of $25.04 to $43.16 in the past 52 weeks.

Tuesday, Thermo Fisher Scientific said it agreed to buy Qiagen for 39 euros per share in cash, valuing the Dutch molecular-testing firm at about $11.5 billion at current exchange rates. This includes the assumption of $1.4 billion of net debt.

The offer price represents a nearly 23 percent premium to the closing price of Qiagen's common stock on the Frankfurt Prime Standard on March 2. Thermo Fisher will commence a tender offer to acquire all of the ordinary shares of Qiagen. The transaction is expected to be completed in the first half of 2021.

The company expects the transaction will be immediately accretive to its adjusted earnings per share after close.