Thermo Fisher Scientific has agreed to acquire Germany-based genetic testing company Qiagen for €39 per share in cash.

The transaction is estimated to value Qiagen at $11.5bn. The deal value includes approximately $1.4 bn of assumption of net debt.

Qiagen is a provider of life science and molecular diagnostic solutions, with presence in 35 locations in more than 25 countries.

The sample preparation and assay technologies are its core capabilities. The company’s bioinformatics systems deliver relevant, actionable insights to customers.

Thermo Fisher Scientific chairman, president and CEO Marc N Casper said: “We are excited to bring together our complementary offerings to advance our customers’ important work, from discovery to diagnostics.”

“This acquisition provides us with the opportunity to leverage our industry-leading capabilities and R&D expertise to accelerate innovation and address emerging healthcare needs. For shareholders, we expect the transaction to be immediately accretive and to generate significant cost and revenue synergies.”

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The acquisition of Qiagen is expected to boost Thermo Fisher’s molecular diagnostics capabilities including infectious disease testing.

Combining genetic analysis and biosciences capabilities with Qiagen’s sample preparation, assay and bioinformatics technologies could enable Thermo Fisher to offer research customers the ability to accelerate discovery and scientific breakthroughs.

Moreover, the acquisition will allow Thermo Fisher to expand its extensive commercial presence in scientific customer channels and comprehensive e-commerce platforms.

The company stated that it expects total synergies of $200 m by year three of the completion of the deal. It includes $150m of cost synergies and $50m of adjusted operating income benefit from revenue synergies.

The transaction is scheduled for completion in the first half of 2021.