In December 2021, San Diego-based Quidel and Ortho Clinical Diagnostics came to an agreement under which the former would acquire the latter for $24.68 per share of common stock, using a combination of cash and newly issued shares in the combined company, representing a 25% premium on Ortho’s closing price on Dec. 22, 2021, and an equity value of about $6 billion.
Under the terms, former Ortho shareholders received $7.14 in cash and 0.1055 shares of QuidelOrtho common stock for each Ortho common share. Former Quidel stockholders received one share of QuidelOrtho common stock for each share of Quidel common stock, according to a news 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 Ortho common share. Former Quidel stockholders received one share of QuidelOrtho common stock for each share of Quidel common stock. The QuidelOrtho board is composed 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 revenues in 2021. It has approximately 6,000 employees and will trade on the Nasdaq market under the “QDEL” ticker. Its board includes eight former Quidel board members and four former Ortho board members.
QuidelOrtho aims to unite technologies and platforms to offer expanded access to clinical chemistry, immunoassay, molecular diagnostics, immunohematology, donor screening and point-of-care diagnostic offerings.
“We are very excited to bring together the talented and experienced teams of both Quidel and Ortho who share a commitment to the employees, customers, patients, and the communities we serve,” QuidelOrtho Chair and CEO Douglas Bryant said in the release. “There is a lot of important work ahead of us to deliver on our targeted synergies and new product introductions and we are energized and poised to excel in our combined mission to deliver advanced diagnostics to improve human health.
“We look forward to executing on our growth strategy as QuidelOrtho and enhancing care across the testing continuum while driving long-term value creation for our stockholders.”