Quidel Corp, a maker of COVID-19 tests, agreed to buy Ortho Clinical Diagnostics Holdings for about US$6 billion, less than a year since the Carlyle-backed firm went public.
Quidel said on Thursday it would pay Ortho Clinical $24.68 per share, representing a premium of 24.7% to Ortho Clinical’s last close, in a cash and stock deal and will acquire Ortho’s existing net debt of $2bn.
Shares in Ortho Clinical were up 16% at US$23, while Quidel was down 3.8% in premarket trading.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
Ortho Clinical makes products for diagnosing diseases and other equipment used for in-vitro diagnostics, a nearly US$80 billion market that serves hospitals and clinics. It also has several COVID-19 tests authorized for emergency use in the United States.
Quidel is well-known for its COVID-19 tests that have helped drive its sales in recent quarters. The company, which also sells molecular diagnostics and cell culture tests, hopes to benefit from Ortho Clinical’s presence in more than 130 countries.
The deal is expected to close in the first half of 2022, the companies said.
Source: The Edge Markets
Can’t stop reading? Read more
Carlyle backs Mecachrome with €290m financing in aerospace credit push
Carlyle backs Mecachrome with €290m financing in aerospace credit push Carlyle has committed €290m...
Invesco teams up with LGT to push private equity and credit into wealth market
Invesco teams up with LGT to push private equity and credit into wealth market Invesco has...
Welsh Carson scores IPO exit as Lumexa Imaging raises $463m in US debut
Welsh Carson scores IPO exit as Lumexa Imaging raises $463m in US debut Welsh Carson Anderson...