Name: Jonathan Pratt
New title: CEO, Qiagen
Previous title: CEO, Filtration Group
Qiagen said Monday it has appointed Jonathan Pratt as CEO, ending a nearly 10-month search for a successor to the outgoing Thierry Bernard.
Pratt recently led Filtration Group to a $9.25 billion buyout as president and CEO. With Parker Hannifin closing its takeover of the provider of filtration consumables this month, Pratt is set to start at Qiagen on Sept. 1.
Pratt previously worked at Waters, Beckman Coulter Life Sciences and Pall, giving him experience across analytical instruments, laboratory technologies and other sectors served by Qiagen.
Qiagen named Pratt’s industry knowledge, international leadership experience and proven track record of improving performance across global businesses as reasons for the appointment. Pratt has experience in commercial execution, portfolio management, operations and organizational development in markets closely aligned with Qiagen’s products and customer workflow, the company said.
The new CEO’s background “is a good fit for Qiagen,” William Blair analysts said in a note to investors. Yet the analysts added that Qiagen’s share price fell after it disclosed the appointment. The stock drop could reflect the implications of the appointment for the likelihood of Qiagen being acquired in the near term.
Private equity firms, including EQT, Advent and KKR, were considering acquiring Qiagen in July, according to Bloomberg.
It seems unlikely Qiagen would have attracted a CEO candidate of Pratt’s quality if a deal to sell the company outright were pending, William Blair analysts said.
Bloomberg reported Monday that talks with private equity groups are progressing.
Qiagen’s supervisory board continues to assess opportunities as part of a strategic review, but William Blair analysts “suspect a reasonable base now revolves around portfolio reshaping rather than more drastic measures.” In a statement, Pratt said his first priority is to “understand where we can sharpen our choices, strengthen execution and create greater impact.”
Pratt will build on the work of Bernard, who became CEO of Qiagen in 2019, initially on an interim basis. Like Pratt, Bernard started as CEO against a backdrop of uncertainty about the company’s future. Qiagen disclosed nonbinding indications of interest one month into Bernard’s tenure. The company initially chose to stay independent, only to accept a Thermo Fisher Scientific takeover offer that later fell apart.
