Thermo Fisher Scientific Inc. has entered an agreement to acquire QIAGEN N.V., a global provider of molecular diagnostics and sample preparation technologies, in a transaction valued at approximately $11.5 billion.

QIAGEN employs approximately 5,100 people at 35 locations in more than 25 countries. The company generated revenues of $1.5 billion in 2019. Its sample preparation technologies are used to extract, isolate and purify DNA, RNA and proteins from a wide range of biological samples. The company’s assay technologies are then used to amplify and enrich these biomolecules to make them accessible for analysis. QIAGEN’s instruments can be used to automate these workflows, and its bioinformatics systems are designed to actionable insights.

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