Diagnostic products maker Qiagen NV said Wednesday that it is negotiating to buy Ipsogen SA, a French company that makes tests for blood cancers.
Qiagen, based in The Netherlands, said it is negotiating to buy a 47 percent stake in Ipsogen and later make a public offer to buy the company outright. The companies did not disclose terms of the proposed deal. Qiagen said Ipsogen has 70 employees and reported about $11 million in revenue in 2010.
Ipsogen's three managing co-founders will stay with the company if the sale to Qiagen goes through, the company said. Qiagen added that almost all of Ipsogen's tests are approved in Europe and can be used on Qiagen's Rotor-Gene Q testing system.
Shares of Qiagen fell 17 cents to $19.53 in afternoon trading.