QIAGEN fully acquires NeuMoDx Molecular, Inc., rounding out portfolio of PCR-based diagnostic automation systems
• Transaction strengthens QIAGEN’s leadership position in automated molecular testing
• QIAGEN acquires remaining 80.1% stake in NeuMoDx Molecular, Inc. for $248 million
• Medium- and high-throughput NeuMoDx automation solutions based on PCR testing technology to now be integrated into QIAGEN’s portfolio on a global basis
• Menu of test solutions for infectious diseases – which already includes COVID-19 – to be expanded, especially in the U.S.
Hilden, Germany and Ann Arbor, Michigan, September 17, 2020 – QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA) today announced the acquisition of the remaining 80.1% of diagnostics instruments company NeuMoDx Molecular, Inc. for $248 million in cash. The move rounds out QIAGEN’s portfolio of automated molecular testing solutions based on the proven PCR technology.
The transaction was completed after QIAGEN received U.S. regulatory clearance for the full acquisition. In 2018, QIAGEN had purchased a 19.9% stake in NeuMoDx along with the right to acquire the remaining NeuMoDx stake at a price of $234 million. The final payment price for this remaining stake includes customary purchase price adjustments for cash, indebtedness and transaction costs. Also as part of the 2018 agreement, QIAGEN has distributed the high-throughput NeuMoDx™ 288 and the medium-throughput NeuMoDx™ 96 platforms in Europe and other markets outside the U.S.
“NeuMoDx’s automated molecular testing platforms offer a unique combination of speed, flexibility, throughput and ease of use for molecular diagnostics assays, including laboratory-developed tests,” said Thierry Bernard, Chief Executive Officer of QIAGEN. “NeuMoDx has built an unparalleled platform that has demonstrated superior value during the coronavirus pandemic. This will expand QIAGEN’s portfolio of automated testing solutions and provide another driver for future growth.”
“NeuMoDx devices offer labs with medium to high throughput exactly what they need,” Bernard added. “Labs want compact systems with true random access, fast turnaround time, full automation and comprehensive menus. The full integration of the NeuMoDx systems will allow QIAGEN to address laboratory needs in almost any setting for molecular diagnostics. We are excited to be able to build on NeuMoDx’s success and will jointly work on expanding our product portfolio and global distribution.”
“Becoming a part of QIAGEN allows us to take our successes at NeuMoDx to the next level,” said Jeff Williams, Chairman and Chief Executive Officer of NeuMoDx Molecular. “We have built a broad testing portfolio and created strong customer enthusiasm around the world with our device’s unique combination of speed, flexibility, throughput and ease of use. This transaction is a testament to the achievements of the entire NeuMoDx team and we are excited to finally become a full part of the QIAGEN family.”
As rapid, integrated PCR-based devices, NeuMoDx™ 288 and NeuMoDx™ 96 already offer 13 CE-IVD-marked assays for different infectious diseases in Europe. These include a dedicated COVID-19 test, which has also received FDA Emergency Use Authorization for the U.S. market, complementing the FDA-approved GBS assay (group B Streptococcus). A new multiplex test for influenza, respiratory syncytial virus (RSV) and the SARS-CoV-2 virus is scheduled for launch in the fourth quarter of 2020.
The NeuMoDx devices have features that set them apart from other lab-based PCR diagnostics systems: they have the fastest fully automated turnaround time, delivering insights in an hour rather than their competitors’ three hours; they allow clinical molecular diagnostic laboratories to process ever-larger volumes and deliver ever-faster insights into many infectious diseases including COVID-19; their flexibility and efficiency is driving a growing menu of in vitro diagnostic (IVD) tests and enables the devices to process commercial and laboratory-developed tests (LDTs – IVD tests made by clinical labs for in-house use).
QIAGEN plans to provide further information on the financial impact of this transaction when it reports results for the third quarter and first nine months of 2020 in early November 2020.
For more information about NeuMoDx systems and current assay menu please visit qiagen.com/neumodx.
Further information on QIAGEN’s response to the coronavirus outbreak can be found here.
NeuMoDx Molecular designs and develops revolutionary molecular diagnostic solutions for hospital and clinical reference laboratories. The company’s patented, ‘sample-to-result’ platform offers market-leading ease of use, true continuous random-access, and rapid turnaround time while achieving optimal operational and clinical performance for our customers and the patients they serve. For more information visit www.neumodx.com.
QIAGEN N.V., a Netherlands-based holding company, is the leading global provider of Sample to Insight solutions that enable customers to gain valuable molecular insights from samples containing the building blocks of life. Our sample technologies isolate and process DNA, RNA and proteins from blood, tissue and other materials. Assay technologies make these biomolecules visible and ready for analysis. Bioinformatics software and knowledge bases interpret data to report relevant, actionable insights. Automation solutions tie these together in seamless and cost-effective workflows. QIAGEN provides solutions to more than 500,000 customers around the world in Molecular Diagnostics (human healthcare) and Life Sciences (academia, pharma R&D and industrial applications, primarily forensics). As of June 30, 2020, QIAGEN employed more than 5,200 people in over 35 locations worldwide. Further information can be found at www.qiagen.com.
Certain statements contained in this press release may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. To the extent that any of the statements contained herein relating to QIAGEN's products, collaborations markets, strategy or operating results, including without limitation its expected adjusted net sales and adjusted diluted earnings results, are forward-looking, such statements are based on current expectations and assumptions that involve a number of uncertainties and risks. Such uncertainties and risks include, but are not limited to, risks associated with management of growth and international operations (including the effects of currency fluctuations, regulatory processes and dependence on logistics), variability of operating results and allocations between customer classes, the commercial development of markets for our products to customers in academia, pharma, applied testing and molecular diagnostics; changing relationships with customers, suppliers and strategic partners; competition; rapid or unexpected changes in technologies; fluctuations in demand for QIAGEN's products (including fluctuations due to general economic conditions, the level and timing of customers' funding, budgets and other factors); our ability to obtain regulatory approval of our products; difficulties in successfully adapting QIAGEN's products to integrated solutions and producing such products; the ability of QIAGEN to identify and develop new products and to differentiate and protect our products from competitors' products; market acceptance of QIAGEN's new products and the integration of acquired technologies and businesses. For further information, please refer to the discussions in reports that QIAGEN has filed with, or furnished to, the U.S. Securities and Exchange Commission (SEC).