The transaction is valued at approximately $66 million in cash (subject to certain customary purchase price adjustments), $4 million in restricted Qiagen common stock and performance and development milestone payments and other contingencies of up to approximately $65 million over the next four years.
Under the terms of the agreement, Qiagen has acquired the entire outstanding stock of Corbett for the consideration described above. This consideration includes the purchase of 82.5% of the outstanding stock of Corbett as well as the exercise of an exclusive purchase option for the remaining 17.5% of the outstanding stock of Corbett.
Corbett is best known for having developed the world’s first rotary real-time PCR cycler system – the Rotor-Gene – a system used to detect real-time polymerase chain reaction (PCR) reactions 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 is expected to extend Qiagen’s molecular testing solution portfolio and enhance Qiagen’s options to offer sample and assay technology solutions spanning from sample to result.
Peer Schatz, CEO of Qiagen, said: “Corbett technologies are excellent complements to our portfolio of current and future molecular testing solutions, including our modular processing platform QIAsymphony.”