EQT Offers More Than $50 a Share for Qiagen Amid Takeover Competition
Key Facts
EQT has submitted a binding offer of more than $50 a share to acquire Qiagen, Reuters reported, citing Bloomberg, in a report dated October 20, 2026, putting a specific takeover bid before the company. Reuters, citing Bloomberg, added that KKR had also submitted an offer for Qiagen, joining the competition to acquire it. But the talks could end without a sale to EQT or another buyer, according to the same report. Qiagen told Reuters it does not comment on "market rumors or speculation." The company had confirmed that its supervisory board continued to assess opportunities as part of its strategic review, assisted by independent financial and legal advisers.
The takeover talks come after Qiagen reported net sales of $535 million in the second quarter of 2026, according to the company's earnings statement. Sales were flat from a year earlier, both on a reported basis and at constant exchange rates. The adjusted operating income margin was 29.4% for the quarter, according to the same results. The company said a sharp decline in U.S. demand for immigration testing weighed on its QuantiFERON testing business. Thierry Bernard, chief executive at the time, acknowledged that the company was facing "continued pressure on instrument spending in the United States."
Qiagen had cut its 2026 sales growth forecast at constant exchange rates to about 1–2%, according to a company filing with the U.S. Securities and Exchange Commission. Before the revision, it had expected growth of at least 5% for the year on the same basis, which excludes the impact of exchange-rate movements. In its outlook for the third quarter of 2026, the company also projected net sales growth of about 1–2% at constant exchange rates. The quarterly comparison is based on sales of $533 million in the third quarter of 2025, according to the second-quarter earnings disclosure. On cash returns to shareholders, Chief Financial Officer Roland Sackers said the company had increased its 2026 dividend by 40% compared with 2025.
Qiagen's business includes sample preparation technologies, a platform comprising tools to isolate and process biological materials, according to the company's description of its operations. These technologies handle DNA, RNA and proteins. In December 2025, the company completed its acquisition of Parse Biosciences, expanding its sample preparation technology portfolio into single-cell analysis. In management, Jonathan Pratt took over as chief executive on September 1, 2026, according to Qiagen's announcement of his appointment. Pratt succeeded Thierry Bernard in an executive leadership transition that coincided with the company's continuing strategic review.
An earlier attempt to buy Qiagen ran into a shareholder acceptance hurdle when Thermo Fisher sought to acquire it, according to statements from both companies on the previous offer. Thermo Fisher raised its cash offer at the time to 43.00 euros a share from the original price of 39.00 euros. But shareholder acceptance reached 47%, according to Qiagen's statement on the outcome. That was below the minimum threshold of 66.67% required to complete the offer. Thermo Fisher announced that the offer had lapsed and the acquisition agreement had been terminated, saying the minimum shareholder acceptance condition had not been met.
In the market, QGEN shares closed at $48.9 in the October 20, 2026 session, according to EL7 data. On the next step in the talks, Reuters, citing Bloomberg, reported that Qiagen's board would meet during the week the report was published to decide on the potential deal. Separately, the company scheduled an extraordinary shareholder meeting for November 6, 2026, according to its meeting announcement. The meeting is scheduled to begin at 2:00 p.m. Central European Time. Shareholders will vote on appointing Jonathan Pratt to the executive board.