Quidel Buys Diagnostic Hybrids for $130M
San Diego-based Quidel (NASDAQ:QDEL), which makes medical diagnostic tests used at the point-of-care, says it is paying $130 million in cash to acquire Athens, OH-based Diagnostic Hybrids, a privately held maker of medical diagnostic tests for hospitals and laboratories. Diagnostic Hybrids, founded in 1983, was spun out from Ohio University, and the university’s fund-raising arm stands to collect about $41.5 million for its $1 million-plus investment. Diagnostic Hybrids, which sells almost entirely in the U.S., generated $38 million in sales in 2008. The Ohio company makes tests for a variety of diseases, including viral respiratory infections, herpes, Chlamydia, and expects to boost sales by utilizing Quidel’s larger sales and marketing network.