The combined organisation will comprise advanced technologies and platforms, including clinical chemistry, immunoassay, molecular diagnostics, immunohematology, donor screening, and point-of-care diagnostics offerings
Ortho provides products and services to global clinical laboratory and immunohaematology communities. (Credit: Belova59 from Pixabay)
Diagnostic solutions manufacturer Quidel has agreed to acquire pure-play in vitro diagnostics (IVD) company Ortho Clinical Diagnostics for around $6bn.
Under the deal, Quidel will acquire Ortho using a combination of cash and newly issued shares in the combined company.
Quidel will acquire Ortho’s common stock by paying $24.68 per share, in addition to paying $1.75bn in cash.
Ortho provides products and services to the global clinical laboratory and immunohaematology communities. The company’s technology and tools are used by hospitals, hospital networks, clinical laboratories and blood banks across the world.
Its product portfolio consists of Vitros XT 7600 and Vitros 5600 integrated systems for chemistry and immunodiagnostic applications, and Vitros 3600 and Vitros ECiQ systems for immunoassay applications.
The company also offers Vitros menu of assays, Microtip partnership assays, Vitros automation solutions, HIV combo solutions and Vitros Covid-19 testing solutions.
Ortho chairman and CEO Chris Smith said: “Together, we will continue to advance life-changing diagnostic solutions to improve patient outcomes and deliver economic benefits to the healthcare system.”
The combined organisation will comprise advanced technologies and platforms, with expanded access to clinical chemistry, immunoassay, molecular diagnostics, immunohematology, donor screening, and point-of-care diagnostics offerings.
It is expected to have a capability to meet patient testing requirements at all points of the care continuum, including reference labs, hospitals, physicians’ offices, urgent care centers and at-home / retail locations.
Quidel president and CEO 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.”
Subject to approval by both companies’ shareholders and customary closing conditions and regulatory approvals, the deal is expected to be completed in the first half of 2022.
Perella Weinberg Partners and Citi are serving as financial advisors to Quidel, while Gibson, Dunn & Crutcher as legal advisor.
JP Morgan Securities is acting as exclusive financial advisor to Ortho, while Latham & Watkins as legal advisor.