EQT is in advanced negotiations to acquire European molecular testing company Qiagen in a potential buyout valued at more than $10bn, with rival private equity firm KKR also submitting a bid, according to a report by Bloomberg.
The Swedish buyout manager has reportedly made a binding offer exceeding $50 per share for Qiagen, whose board is expected to meet this week to consider a potential transaction, according to people familiar with the matter.
Qiagen’s US-listed shares rose as much as 9.2% following the report on Tuesday, valuing the business at approximately $10.2bn. The company is also listed in Frankfurt.
A successful acquisition would rank among Europe’s largest healthcare buyouts this year and end years of takeover speculation surrounding the diagnostics company.
Netherlands-based Qiagen develops molecular testing technologies used in clinical diagnostics, pharmaceutical research and life sciences.
The company has been evaluating strategic alternatives amid renewed acquisition interest, with Bloomberg reporting in January that Qiagen was considering its options.
Discussions reportedly remain ongoing, however, and there is no certainty that a transaction with EQT or another bidder will proceed.
