KFDA - NewsChannel 10 / Amarillo News, Weather, SportsQiagen buying test maker for $90 million
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NEW YORK (AP) - Netherlands-based diagnostic products maker Qiagen NV said Monday it is buying privately held diagnostic test maker SABiosciences Corp. for about $90 million in cash.
Qiagen said the Frederick, Md., company has about 100 employees and focuses on tests used in biomedical research and in the development of future drugs and diagnostics.
The deal is expected to close in December. Qiagen said SABiosciences will have about $24 million in sales in 2010.
Shares of Qiagen rose $1, or 4.5 percent, to $23.39 in midday trading Tuesday. The stock earlier reached a 52-week high of $23.58.
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