QIAGEN Acquires Biosystems Business from Biotage
News Oct 03, 2008
QIAGEN N.V. has announced that it has acquired all assets related to the Biosystems business from Biotage AB, a publicly listed developer, manufacturer and distributor of products for genetic analysis and medicinal chemistry headquartered in Uppsala, Sweden.
The transaction is valued at approximately US$53 million in cash (subject to certain customary purchase price adjustments) and performance milestone payments of up to approximately US$7 million over the next four years.
The Biosystems unit of Biotage is best known for having pioneered Pyrosequencing®, which has become a fundamental technology in next-generation sequencing.
Pyrosequencing is a patented assay technology that in special formats can achieve significantly longer runs and can be employed in a massively parallel design to address the needs for applications such as high volume data generation in whole genome sequencing applications. In its widely used standard format this technology provides the opportunity to read DNA-sequences up to 100 base pairs in real time and at a price per read in the single dollar range.
To automate the use of the Pyrosequencing technology, Biosystems has developed PyroMark instrumentation, a real-time sequence detection system whose primary product family includes the PyroMark MD, PyroMark ID and PyroMark Q24. The system is considered to offer significant advantages over other sequence analysis technologies in short length sequence detection and quantification and to represent a synergistic addition to other detection technologies QIAGEN offers.
The acquisition of sequence-based detection and quantification technology complements QIAGEN's existing portfolio of detection platforms. Detection marks the final of the three steps which are performed in molecular testing.
The addition of detection modules allows QIAGEN to offer its proprietary molecular testing solutions in solutions spanning from sample to result. The Biosystems solutions are compatible with QIAGEN's consumables and instruments. QIAGEN intends to optimize existing assays for use on PyroMark and also develop novel molecular diagnostics as well as research use tests for use with the platform and its successor systems.
Under the terms of the agreement, QIAGEN has acquired all assets related to the Biosystems business for the consideration described above. This consideration includes also the purchase of the remaining 17.5% of the outstanding stock of Corbett Life Science Ltd.
QIAGEN will assume all employees related to the Biosystems business. Biotage will also in accordance with a separate "transfer service agreement" provide certain administrative services to QIAGEN for the next twelve months.
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