The Malta Independent 2 April 2020, Thursday

Qiagen rejects Acquisition Offers

Friday, 27 December 2019, 13:15 Last update: about 4 months ago

Market summary

US stocks closed higher on Thursday as traders came back from the Christmas break. At the close, the Dow Jones Industrial Average was up 0.37% at 28,621.39, while the S&P 500 was 0.51% firmer at 3,239.91 and the Nasdaq Composite saw out the session 0.78% firmer at 9,022.39. The Dow closed 105.94 points higher on Thursday after closing lower on Tuesday as the truncated Christmas Eve session wrapped up on a mixed note - with the S&P 500 also finishing in the red, while the Nasdaq managed to register a fresh record after its ninth session of gains in a row for the first time since 1998.

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Maltese market, Europe, Australia and Hong Kong remained closed.

 

Qiagen Completes Strategic Review

Qiagen announced earlier this week that it has completed a strategic review, and after receiving interest from unnamed parties, the firm has decided to remain a stand-alone business.

In reaction to the news, which was announced after the early close of the stock market on Christmas Eve, shares of Qiagen fell 21 percent to close at $32.91 in Thursday trade on the New York Stock Exchange.

The review began in mid-November after it received several "conditional, non-binding indications of interest" from potential merger or acquisition partners. Those expressions of interest came in the wake of the firm announcing that its long-time CEO Peer Schatz would step down, that it had lowered third quarter sales growth expectations, and that it would it would suspend ongoing       next-gen sequencing-related instrument development while announcing a 15-year partnership with Illumina to develop next-generation sequencing-based in vitro diagnostic kits, including companion diagnostics.

One of the firms reported to have reached out to Qiagen regarding a potential acquisition was Thermo Fisher Scientific.

However, Qiagen said this week that its supervisory board and management board determined that the various alternatives to its prospects as a stand-alone company were not compelling, and it has "terminated all discussions so that full management focus can be on executing the stand-alone plan."

 

This article was issued by Nadiia Grech, Junior Trader at Calamatta Cuschieri. For more information visit, https://cc.com.mt/. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.


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