Quidel to buy Ortho in $6bn deal
By Michele Maatouk
Date: Thursday 23 Dec 2021
(Sharecast News) - Healthcare diagnostics manufacturer Quidel has agreed to buy Ortho Clinical Diagnostics, one of the world's largest in vitro diagnostics companies, in a $6bn deal.
Under the terms of the transaction, Quidel will pay $24.68 per share of common stock using a combination of cash and newly-issued shares in the combined company. This represents a 25% premium to the closing Ortho share price on Wednesday.
The deal is expected to close in the first half of fiscal year 2022, subject to customary closing conditions.
Quidel president and chief executive Douglas Bryant said: "The combination with Ortho will help solidify Quidel as a leader in the diagnostics industry, bringing together innovative, complementary products, solutions, and services that enhance the health and well-being of patients across the globe.
"Establishing a stronger leadership position, we expect the combined company will emerge as a global player with top-tier R&D capabilities, a more diverse product pipeline, and broader geographic footprint. Importantly, our complementary cultures are underpinned by a commitment to our customers, patients, and the communities we serve, reinforcing our confidence in the long-term value creation of this transaction. We are impressed by what Ortho has accomplished for patients."
At 1555 GMT, Quidel shares were down 18.5% at $138.
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