Quidel Corporation to Acquire Ortho Clinical Diagnostics

Quidel Corporation, a $1.87b maker of point-of-care diagnostics for infectious diseases, women's health, and gastrointestinal diseases, is acquiring Ortho Clinical Diagnostics, a $2b in vitro diagnostics company focused on equipment for blood testing. The deal complements Quidel's existing product offerings and expands its global presence. Ortho Clinical Diagnostics offers automated instruments, assays, reagents, and other consumables. Both companies have been actively combatting COVID-19. Quidel won the FDA’s initial emergency use authorization to bring a rapid antigen test to the U.S. and Ortho Clinical gained the first FDA approval for high-volume antibody and antigen testing. Ortho Clinical Diagnostics went public in January 2021.  It was previously owned by The Carlyle Group, which bought the business from J&J in 2014 for $4b.  Deal value - $6b on sales of $2b (3.0x) and EBITDA of $417.6m (14.4x).

Keywords: Healthcare Investment Banking, Healthcare M&A, Healthcare Mergers, Diagnostics, COVID-19