On Thursday, Quidel Corp., the San Diego, California-headquartered major American multinational manufacturer of healthcare products, said in a statement that the pandemic screening kit maker’s management board had agreed to purchase Ortho Clinical Diagnostics Holdings in a $6 billion cash-and-stock deal, as the Californian manufacturer of healthcare products were reportedly looking to muscle up its diagnostic portfolio. However, latest Quidel Corp deal to purchase Ortho Clinical came forth less than a year after a consortium led by private equity Carlyle had taken the company public. Nonetheless, followed by the announcement, shares’ prices of Quidel Corp had shrugged off nearly a sixth of its market valuation, winding down the day’s Wall Street 17.35 per cent lower to $137.39 per share after nose-diving as much as 15.28 per cent in pre-market trading.
Quidel Corp to purchase Ortho Clinical in $6bn cash-and-stock deal
Apart from that, breaking off the deal further, a takeover of Ortho Clinical in effect would provide Quidel Corp with an access to Ortho’s antigen and antibody tests for pandemic pathogen that includes antigen and PCR tests.
In tandem, the deal would help Quidel Corp flesh up its diagnostic portfolio for wide-ranging diseases while handing out products to manufacture kits for diagnostic purposes, bolstering the San Diego-based major American healthcare giant’s footprints into a $80 billion global market.
According to Quidel Corp., blue-whale Wall Street lender Citi alongside Perella Weinberg Partners LP had served as the financial advisers for the $6 billon deal, while JPMorgan oversaw proceedings for Ortho. Quidel Corp has been among a few leading US diagnostic companies that had been benefitted by the most over past couple of years through covid-19 screening tests.