Thermo Fisher's Qiagen bid fails after target gets COVID testing boost

REUTERS: Thermo Fisher has walked away from its takeover deal with Qiagen after the German genetic testing specialist's earnings were boosted by coronavirus diagnostics, leaving its shareholders reluctant to cash out.

"The magnitude and duration of the global coronavirus pandemic have proven the increasingly critical importance of molecular testing to society. Qiagen’s business prospects have improved significantly," said Chief Executive Thierry Bernard. Qiagen added that it now plans to buy the 80.1per cent it does not already own of NeuMoDx Molecular Inc, a supplier of testing gear for COVID-19 and other infections, for about US$234 million.Activist investor Davidson Kempner, owner of an 8per cent stake in Qiagen which campaigned against Thermo Fisher's bid, said management should now improve its interactions with shareholders, focus on high-growth businesses and be disciplined about its investments.

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