Diagnostic Hybrids purchased by Quidel Corporation
Ohio University Foundation to benefit from sale
Jan 11, 2010
From staff reports
Quidel Corp., a leading provider of rapid point-of-care diagnostic tests, has entered a definitive agreement to purchase Diagnostic Hybrids Inc. (DHI) of Athens for approximately $130 million in cash.
The Ohio University Foundation, a major stakeholder in DHI, will receive more than $35 million from the acquisition.
After the deal was announced on Sunday, Quidel (NASDAQ:QDEL) representatives said the parent company will keep DHI operations in Athens, Ohio.
DHI has more than 200 employees and is a market leader in the development and distribution of cellular and molecular diagnostic kits for detecting a wide range of medical conditions. The company was founded in 1983 by Ohio University alumnus and biomedical
entrepreneur Wilfred R. Konneker in collaboration with former Ohio University professors Joseph Jollick and Thomas Wagner and then-Ohio University President Charles J. Ping.
A graduate of Ohio University?s Innovation Center, DHI has a direct sales force that serves more than 700 North American customers, and its products are sold via distributors outside the United States. The company recognized $38 million in revenue in 2008, reflecting a three-year compounded annual organic growth rate of 21 percent.
Quidel plans to operate Diagnostic Hybrids as a separate subsidiary, and DHI President and CEO David Scholl will remain as president and become a senior vice president of Quidel. The acquisition is subject to customary closing conditions, including expiration of the waiting period under the Hart-Scott-Rodino Act, and is expected to close in the first quarter of 2010.
The announcement of the merger is accessible at www.quidel.com,* for 14 days by dialing 888-286-8010 from the U.S., or 617-801-6888 for international callers, and entering passcode 74527141.
* Following this link takes you outside Ohio University's Web site.
Published: Jan 11, 2010 5:36 PM