EQT in advanced talks to buy testing firm Qiagen, Bloomberg News reports (updated)
UPDATE 3-EQT in advanced talks to buy testing firm Qiagen, Bloomberg News reports Adds analyst comment in paragraph 7
By Sahil Pandey
Oct 20 (Reuters) - European molecular testing company Qiagen QIA.DE is in advanced talks to be acquired by Swedish buyout firm EQT EQTAB.ST, Bloomberg News reported on Tuesday, citing people familiar with the matter.
US-listed shares of Qiagen were up over 6% in afternoon trading. The company has a market capitalization of €8.57 billion, according to data compiled by LSEG.
Qiagen's board is meeting this week to decide on the potential deal, the report said, citing people familiar with the talks. There is no certainty the discussions will lead to a sale to EQT or another buyer, the report added.
EQT has submitted a binding offer of more than $50 per share for Qiagen, while US private equity firm KKR has also made a bid, Bloomberg News reported.
The reported talks come after Qiagen said in January it was evaluating strategic options amid renewed takeover interest.
Interest in the diagnostics company continued through the year, with buyout firms including EQT, Advent and KKR linked to a potential acquisition in July.
Barclays analyst Luke Sergott said the latest Bloomberg report suggests a deal appears "more likely" and that he continues to see "a good possibility that a deal goes through." Sergott reiterated his $55 price target on Qiagen.
Qiagen develops molecular testing and sample-preparation technologies used by research and clinical laboratories.
KKR declined to comment, while EQT did not immediately respond to Reuters' request for comment. Qiagen said it does not comment on "market rumors or speculation."
($1 = 0.9259 euros)
(Reporting by Sahil Pandey in Bengaluru; Editing by Shreya Biswas)