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Thermo Fisher Rises On Acquisition News

Shares of diagnostics and research company Thermo Fisher Scientific Inc. (TMO) are climbing more than 5% after the company announced its decision to acquire QIAGEN N.V. (QGEN), a provider of molecular diagnostics and sample preparation technologies for approximately $11.5 billion or €39 per share in cash, which includes the assumption of approximately $1.4 billion of net debt.

Qiagen, last month, had launched QIAstat-Dx Respiratory Panel 2019-nCoV, a new test kit to detect coronavirus. The test kits have been shipped to four hospitals in China for evaluation.

TMO is currently trading at $322.22 and has traded in the range of $246.67- $342.26 in the last one year.

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