Thermo Fisher posted revenue of more than $25 billion last year. The Waltham, Massachusetts-based company is offering 39 euros ($43.33) in cash for each Qiagen share, a premium of about 23% to its closing price Monday.
The combined company will work on speeding up the development of higher-specificity, faster and more comprehensive tests that may improve patient outcomes and reduce the cost of care. The transaction also includes approximately $1.4 billion in debt.
The deal is expected to close in the first half of 2021. Qiagen's stock surged 16%, while shares of Thermo Fisher rose nearly 5% in Tuesday premarket trading.