Radford, Rothel win boost in effort to sell Cellestis to Qiagen CELLESTIS founders Anthony Radford and James Rothel have received a boost in their bid to sell the biotech for more than $40m each, with an independent expert valuing the company at below Qiagen's offer price. More than two months after Cellestis backed Qiagen's cash offer of $3.55 a share, or $341 million, Cellestis today released the explanatory booklet for the scheme of arrangement, including Deloitte's finding the offer was fair and reasonable for shareholders. Deloitte, the independent expert, also deemed Cellestis to be worth $3 to $3.52, below the offer price. Credit Suisse is advising Cellestis, with Barclays Capital handling Qiagen, a global technology company listed in Frankfurt. Cellestis chairman Ronald Pitcher told shareholders today. The Cellestis board determined that the immediate and certain cash value available to Cellestis shareholders...is likely to provide a superior outcome to the risk and time adjusted returns that could be delivered from the longer-term alternatives. Managing director Radford and chief scientific officer Rothel, who plan to stay with the company, floated the diagnostic-test kit maker at 25c in 2001. Each would receive $40.6m for their respective 11.9 per cent holdings should the deal go through. Cellestis's board has argued the company would need historically higher investment to solidify its position in latent tuberculosis diagnosis and diversify its portfolio of products. But some shareholders have argued the offer undervalues the company's potential, which was dismissed by Qiagen today. The views put forward by some retail shareholders are flawed and misleading. Shareholders now have a validated analysis to make fully informed decisions," said a Qiagen official. The founders and board of directors of Cellestis support this offer, and it is the only one on the table. Cellestis is focused on its Quantiferon technology for diagnosing latent tuberculosis, and hopes to develop more kits to diagnose other ailments. Shareholders are to vote on the scheme in Melbourne on July 20.