QIAGEN's (QGEN) New Manchester Facility to Fortify UK Foothold
QIAGEN N.V. QGEN recently announced the completion of the move of its European Center of Excellence for Precision Medicine into facilities in Manchester’s CityLabs 2.0 -- a new genomics campus developed with Health Innovation Manchester. The recent development is expected to expand QIAGEN’s companion diagnostics business and strengthen its foothold in the U.K. market.
At present, QIAGEN has collaboration agreements with more than 25 pharmaceutical and biotechnology companies to develop and commercialize companion diagnostic tests for their drug candidates. This pipeline of potential products will boost the use of Precision Medicine for the benefit of patients and ultimately help QIAGEN reach its goal of making improvements in life possible.
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In 2018, the CityLabs 2.0 campus was announced to boost the development of life sciences, translational science and molecular diagnostics that came in 2015 with Citylabs 1.0. CityLabs 2.0 facility comprises laboratories and workspaces for around 300 QIAGEN employees currently.
QIAGEN’s Manchester operation remains fundamental to its strategic plans for global innovation and development. From its first campus in Manchester Science Park, QIAGEN has become part of Manchester’s scientific community over the past decade. At CityLabs 2.0, QIAGEN will incorporate hybrid- and remote-working options with the new on-site facilities.
The European Center of Excellence will head the world-leading genomics campus in the heart of Manchester’s health-innovation district and highlights the city’s role as QIAGEN’s global hub for diagnostics development.
Significance of the New Facility
The European Center of Excellence combines the region’s spectrum of public, academic and clinical resources. The campus is expected to bring the benefits of transformational molecular diagnostics to Manchester and the global healthcare market. The relocation to a new facility will expand QIAGEN’s global knowledge hub for diagnostics development.
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The completion of QIAGEN’s move to the best quality facilities is a major development for life sciences and evidence of plans to create a global genomics hub in Manchester. By addressing the health requirement of local people and contributing to enhanced diagnosis and treatment of disease globally, it will develop many highly skilled jobs and economic growth.
Industry Prospects
Per a report by Allied Market Research, the global companion diagnostics market was $1.68 billion in 2018 and is projected to reach $6.45 billion by 2026, at a CAGR of 18.3%.
Considering the market opportunities, QIAGEN’s recent efforts to fortify companion diagnostics business are well-thought-of.
Recent Developments
QIAGEN is slated to report third-quarter earnings on Nov 3, 2021.
In August 2021, QIAGEN signed a master companion diagnostics deal with OncXerna Therapeutics, Inc. (“OncXerna”) to advance the development of the Xerna TME panel toward in-vitro diagnostic regulatory approval as a potential Next Generation Sequencing (NGS) Dx for OncXerna’s product candidate -- Navicixizumab.
In July 2021, QIAGEN entered into a global strategic alliance with a Japan-based clinical laboratory systemization and solutions provider, Sysmex Corporation. This alliance focuses on developing and commercializing cancer companion diagnostics, which is expected to advance QIAGEN’s foothold in the cancer companion diagnostics space and Sysmex’s Plasma-Safe-SeqS technology for NGS.
Price Performance
Shares of the company have gained 9.6% in a year against the industry’s fall of 6.2%.
Zacks Rank and Key Picks
Currently, QIAGEN carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the broader medical space are Becton, Dickinson and Company BDX, West Pharmaceutical Services, Inc. WST and Henry Schein, Inc. HSIC, each carrying a Zacks Rank #2 (Buy). You can see the complete list of Zacks #1 Rank (Strong Buy) stocks here.
Becton, Dickinson and Company has an estimated long-term earnings growth rate of 8%.
West Pharmaceutical Services has an estimated long-term earnings growth rate of 27%.
Henry Schein has a projected long-term earnings growth rate of 14%.
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