Bio-Rad Laboratories is talks to merge with Qiagen in a deal that may be valued at more than $10 billion, The Wall Street Journal reported on Monday, citing people familiar with the matter.
While talks have been ongoing for some time, an agreement isn’t likely for a few weeks and the deal still may fall through, according to the report.
Spokespersons at both companies weren’t available to comment when contacted by MedTech Dive.
Hercules, Calif.-based Bio-Rad makes various products for the life science research and clinical diagnostic markets. It has a market capitalization of just under $12 billion. Qiagen is a Germany-based diagnostics company, with a market capitalization of about $10 billion.
Following the Journal’s report, shares in Qiagen rose 3.18% to close at $43.86 on the New York Stock Exchange Monday, while Bio-Rad’s shares fell 8.39% to close at $392.95. In late morning trading on Tuesday, Qiagen had dropped 2% to $42.94, and Bio-Rad fell a further 2% to $385.11
Updated to include Tuesday share prices.
Thermo Fisher attempted to buy Qiagen in 2020 in a deal that was initially valued at $11.5 billion. That transaction fell apart after failing to secure support from Qiagen’s shareholders. Thermo Fisher went on to acquire research contractor PPD last year for $17.4 billion.
The report of a Bio-Rad tie up with Qiagen comes amid a lull of medtech mergers and acquisitions following a spending spree last year. Notable acquisitions this year include Stryker’s $3 billion purchase of Vocera Communications, ResMed’s approximately $1 billion pickup of MediFox Dan and Becton Dickinson’s $1.53 billion purchase of Parata Systems.