Quidel (Nasdaq: QDEL) today announced that it has completed the acquisition of Ortho Clinical Diagnostics (Nasdaq: OCDX) for $6 billion.
In December 2021, San Diego-based Quidel and Ortho Clinical Diagnostics reached an agreement under which the former would acquire the latter for $24.68 per common share, using a combination of cash and newly issued stock. in the combined company, representing a 25% premium to Ortho’s closing price on December 22, 2021 and a net worth of approximately $6 billion.
Under the terms, former Ortho shareholders received $7.14 in cash and 0.1055 shares of QuidelOrtho common stock for each share of Ortho common stock. Former Quidel shareholders received one common share of QuidelOrtho for each common share of Quidel, according to a press release.
Under the terms of the agreement governing the transaction, former Ortho shareholders received $7.14 in cash and 0.1055 shares of QuidelOrtho common stock for each share of Ortho common stock. Former Quidel shareholders received one common share of QuidelOrtho for each common share of Quidel. The QuidelOrtho Board of Directors is comprised of 8 former Quidel Board members and 4 former Ortho Board members.
The new company, called “QuidelOrtho” and headquartered in San Diego, generated more than $3.5 billion in combined revenue in 2021. It has approximately 6,000 employees and will trade on the Nasdaq market under the symbol ” QDEL”. Its board of directors includes eight former Quidel board members and four former Ortho board members.
QuidelOrtho aims to unite technologies and platforms to provide expanded access to clinical chemistry, immunoassays, molecular diagnostics, immunohematology, donor screening and point-of-care diagnostic offerings.
“We are thrilled to bring together the talented and experienced teams from Quidel and Ortho who share a commitment to the employees, customers, patients and communities we serve,” said Douglas Bryant, President and CEO of QuidelOrtho. said in the release. “There is a lot of important work ahead of us to realize our targeted synergies and new product launches and we are energized and poised to excel in our combined mission to deliver advanced diagnostics to improve human health.
“We look forward to implementing our growth strategy as QuidelOrtho and improving care across the testing continuum while driving long-term value creation for our shareholders.”