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Qiagen Acquires Genaco Biomedical Products

Posted on: Monday, 30 October 2006, 12:00 CST

Qiagen has acquired all outstanding shares of Genaco Biomedical Products, an early-stage company applying multiplexing technology, Tem-PCR, to develop Templex molecular diagnostic tests.

Multiplexing is a diagnostic testing approach in which multiple targets are screened for in one single test. Multiplexing is typically used in cases where patients present symptoms which could be caused by one or more out of a significant number of different pathogens or other causes.

For example, with the Templex approach a patient sample can now be tested against a panel of 10 or more pathogens to rapidly determine the identity of the cause of infection.

Multiplexing is therefore not only a rapidly emerging segment in molecular diagnostics but also synergistic with Qiagen's portfolio of qPCR-based molecular diagnostic assays.

Genaco has developed multiplex testing products currently used by medical researchers to investigate respiratory hospital-acquired and bacterial. Genaco is in the process of completing clinical studies in order to submit an application to the FDA for its H5N1 avian flu assay.

"We believe that multiplexed molecular diagnostic testing is increasingly attractive due to current trends in molecular diagnostics and research, where identifying pathogens and disease markers against a broad panel of potential markers in a quick and in a cost efficient manner is developing into a significant need," said Peer Schatz, Qiagen's CEO.

Under the terms of the share purchase agreement, Qiagen acquired 100% of the outstanding shares of Genaco for $22 million in cash plus 125,000 shares of restricted Qiagen stock. In addition Qiagen will pay up to $18 million in milestones.

Source: Datamonitor

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