Qiagen shares rise 6% on reports of advanced EQT takeover talks
Key Facts
Qiagen shares rose 6%, according to Seeking Alpha's coverage of an October 20 report that private equity firm EQT was in advanced talks to buy the testing company. The reported progress in negotiations comes as Qiagen continues a strategic review that includes assessing opportunities with help from outside advisers. Qiagen said in its statement announcing the appointment of its chief executive that "the Supervisory Board continues to evaluate opportunities, assisted by independent financial and legal advisers." Investing's coverage of the TD Cowen conference in March had reported that the company was exploring strategic alternatives with assistance from Goldman Sachs and Moelis. This process followed successive reports of private equity interest in acquiring Qiagen, stretching from summer into autumn.
In coverage published in August, Investing cited Bloomberg as having reported in early July that EQT, Advent and KKR were interested in acquiring the company. In late August, the site then cited trader reports carried by dpa-AFX that EQT and KKR had begun due diligence. On September 17, Investing reported that the shares rose 4% on Thursday morning following a report that several private equity firms were considering bids for the molecular testing company. The $46.55 level recorded in EL7 data was the closing price for the October 19 session preceding the latest report on the talks. The share-price jump reported in the October 20 coverage came after that session, as reports resurfaced of progress in EQT's negotiations.
On the operating front, Qiagen's sales in the second quarter of 2026 were approximately $535 million, according to its earnings release, remaining unchanged from the year-earlier period after rounding. Its adjusted operating profit margin for the quarter was 29.4%, according to the disclosure, which presented the company's performance alongside its outlook for the rest of the year. Qiagen attributed growth in its business pillars to sample technologies, the QIAcuity platform and the Qiagen Digital Insights unit, the activities it named in the earnings release. In the first half of 2026, the company generated operating cash flow of $301 million. Qiagen described this cash flow as remaining at a strong level compared with the first half of 2025, against a backdrop of flat quarterly sales year on year.
The strategic review coincided with the handover of executive leadership to Jonathan Pratt, who became chief executive effective September 1, 2026. Pratt succeeded Thierry Bernard, according to Qiagen's appointment statement, which also addressed the Supervisory Board's continued evaluation of opportunities. The new chief executive took office after summer reports of investor interest in an acquisition and before reports published in September that bids were being considered. Independent financial and legal advisers were involved in the evaluation process led by the Supervisory Board, according to the company's announcement. Strategic alternatives were thus being pursued during a period of executive management change, while press coverage continued of potential buyers and the due diligence attributed to them.
Qiagen previously received a takeover offer from Thermo Fisher in 2020, which fell through after failing to reach the required acceptance threshold. Acceptance of that offer reached 47%, according to Qiagen's statement following the end of the takeover attempt. The minimum acceptance threshold was 66.67%, a condition that remained unmet when the earlier process ended. Qiagen announced at the time that it would continue its growth strategy and focus on execution and enhancing value after the voluntary public offer failed to meet that threshold. The company is now evaluating opportunities again as part of its strategic review, alongside renewed press interest in the possibility of its ownership passing to a buyout investor.
For the remainder of 2026, Qiagen maintained its outlook for net sales growth of approximately 1–2% at constant exchange rates, according to its second-quarter earnings disclosure filed with the U.S. Securities and Exchange Commission. It also maintained its forecast for adjusted diluted earnings per share of at least $2.43 on the same constant-exchange-rate basis. The unchanged annual guidance accompanied the earnings announcement, which showed flat quarterly sales and growth in the business pillars identified by management. On the shareholder calendar, the company scheduled an extraordinary general meeting for November 6, 2026. The meeting is due to begin at 2 p.m. local time in the Dutch city of Venlo, according to the notice published on its investor relations website.