Quidel, a provider of rapid diagnostic tests, has completed its previously reported acquisition of Diagnostic Hybrids, for approximately $130m.
Athens, Ohio-based Diagnostic Hybrids, is a manufacturer of direct fluorescent in vitro diagnostic assays used in hospital and reference laboratories for a variety of diseases, including viral respiratory infections, herpes, Chlamydia and other viral infections, and thyroid diseases.
Diagnostic Hybrids’ strategy is to leverage its antibody development and cell culture expertise to develop new products that address significant market opportunities.
Diagnostic Hybrids has reported $51m in revenues in 2009, an increase of 34% over 2008. An estimated $5 to $7m of 2009 revenue is attributable to demand for the company’s direct fluorescent antibody kits for the detection of Influenza A and B viruses.
In 2009, the operating income was $9.3m or 18% of revenues. Excluding the impact of the Influenza A (H1N1) pandemic on the business in 2009, the company’s three-year organic compounded annual growth rate has been 20%.
Douglas Bryant, president and CEO of Quidel, said: “We are pleased to complete the acquisition of Diagnostic Hybrids and extend a warm welcome to its employees. Our combined company offers the marketplace a continuum of diagnostic tests for triaging patients, confirming diagnoses and providing actionable results to improve patient care. We have begun an integration that is focused on maximizing Diagnostic Hybrids’ growth opportunities and expect a smooth transition.”