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Thermo Fisher ups Qiagen bid

The scientific instruments manufacturer has increased its offer to try and get the deal done
Thermo Fisher ups Qiagen bid

Scientific instrument manufacturer Thermo Fisher Scientific (US:TMO) has increased its takeover offer for Qiagen (US:QGEN) by almost €1bn (£0.9bn). The new deal will see Thermo Fisher pay €43 for each Qiagen share – up from its initial bid of €39 – valuing the diagnostics maker at €9.8bn.

The proposed merger comes amid soaring demand for Covid-19 testing equipment. Qiagen’s net sales rose by 7 per cent to $372m (£293m) in the first quarter of 2020 and it is expecting 12 per cent growth in the second quarter.

With that in mind, the improved offer might not be enough to get the deal over the line. Hedge fund Davidson Kempner – which owns a 3 per cent stake in Qiagen – has made its opposition clear, believing the company is worth €48-€52 per share.

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