EQT is buying up Netherlands-based Qiagen in a deal worth €10.8 billion ($12.1 billion) in enterprise value that includes $1.1 billion in net debt.
This comes six years after medtech giant Thermo Fisher tried and ultimately failed to buy Qiagen for around $12.5 billion after blowback from Qiagen’s shareholders.
Qiagen is far more receptive of this deal after its 2020/21 COVID testing boom has since faded, with its board backing the EQT buyout and its shares jumping on the news.
The deal will provide the best environment for its next growth phase, giving it greater flexibility to invest for the long term under private ownership while providing shareholders with attractive and stable cash value, the company said in a statement.
Qiagen specializes in molecular diagnostics, laboratory testing and life sciences technologies.
This comes just two months after Qiagen appointed a new CEO, Jonathan M. Pratt. He came on board after the unexpected announcement in November 2025 that Qiagen’s long-term chief executive, Thierry Bernard, would step down. He had been CEO of the company for six years.
The agreement follows a flurry of recent med-tech acquisitions and asset transfers, including Hologic’ acquisition of Reveal Genomics, Agilent's acquisition of the digital pathology company Proscia, and agreements from Myriad Genetics and BioReference Health with Labcorp.
“This transaction offers shareholders compelling value while positioning Qiagen for its next phase of development under private ownership,” Stephen H. Rusckowski, Chairperson of the Supervisory Board of the company, said in a release.
“After considering Qiagen’s stand-alone strategic prospects and the alternatives available through discussions with strategic and financial parties, we unanimously concluded that this is the best path forward for Qiagen, its shareholders and other stakeholders.”
Following completion of the transaction, the company will continue to operate under the Qiagen name and brand.