Quidel Corporation (NASDAQ:QDEL), a leading provider of rapid
point-of-care diagnostic tests, announced today the signing of a
definitive agreement to acquire privately held Diagnostic Hybrids, Inc.
for approximately $130 million in cash.
“Quidel is a synergistic and cultural fit for Diagnostic Hybrids and
this transaction presents us with an excellent opportunity to have a
larger presence in our markets and to leverage key aspects of our
research and development teams to accelerate product development”
Diagnostic Hybrids, based in Athens, Ohio, is a market leader in
manufacturing and commercializing 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 leverages its antibody development and cell culture expertise to
develop new products that address significant market opportunities. The
company’s direct sales force serves over 700 North American customers,
and its products are sold via distributors outside the United States.
“This is an exciting acquisition for Quidel as it meets our criteria as
a financially sound and strategic opportunity to grow our business.
Diagnostic Hybrids and its products are highly regarded in the industry,
the company has a leading market share, and its product development
pipeline sets a continuing positive trajectory for its business,” said
Douglas Bryant, president and CEO of Quidel. “In the hospital segment,
direct fluorescent assays fill a customer need that is not met by
point-of-care lateral flow or molecular diagnostics assays. The combined
company will offer the marketplace a continuum of diagnostic tests for
triaging patients, confirming diagnoses and providing actionable results
to improve patient care,” Bryant continued.
Diagnostic Hybrids recognized $38 million in revenue in 2008, reflecting
a three-year compounded annual organic growth rate of 21%.