Qiagen to pay up to $135M for Corbett Life Science

6 July 2008

Netherlands-based Qiagen NV has acquired Corbett Life Science, a privately-held developer, manufacturer and distributor of life sciences instrumentation headquartered in Sydney, Australia. The transaction is valued at around $66.0 million in cash (subject to certain customary purchase price adjustments), $4.0 million in restricted Qiagen common stock and performance and development milestone payments and other contingencies of up to about $65.0 million over the next four years, for a total of up to $135.0 million.

Corbett is best known for having developed the world's first rotary real-time polymerase chain reaction cycler system - the Rotor-Gene - which make specific sequences of DNA and RNA targets visible through amplification and quantifiable through real-time measurement of such amplification. The addition of this proprietary PCR detection technology extends Qiagen's molecular testing solution portfolio and enhances the company's options to offer sample and assay technology solutions spanning from sample to result, the Dutch firm notes, and add around $40.0 million to full-year 2009 revenues.

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