Quidel and Ortho Announce Expected Closing of Ortho Transaction
Quidel Corporation (NASDAQ: QDEL) (“Quidel”), a provider of rapid diagnostic testing solutions, cellular-based virology assays and molecular diagnostic systems, and Ortho Clinical Diagnostics Holdings plc (“Ortho”), one of the world’s larger pure-play in vitro diagnostics companies, announced today that the closing of the previously announced Ortho transaction is expected to occur on May 27, 2022.
On May 26, 2022, the High Court of Justice of England and Wales issued an order under Part 26 of the UK Companies Act sanctioning the scheme of arrangement to be undertaken by Ortho in connection with the business combinations (the “Ortho Scheme Order”). The order will become effective once the Ortho Scheme Order is duly filed with the Registrar of Companies in England and Wales, which is expected to occur on May 27, 2022, at which point Ortho will become a wholly owned subsidiary of Coronado Topco, Inc. (“Topco”). Following the effectiveness of a merger involving Quidel that will take place after the effectiveness of the Ortho Scheme Order, Quidel will also become a wholly owned subsidiary of Topco, and Topco will be renamed QuidelOrtho Corporation.
Shares of common stock of QuidelOrtho are expected to begin trading on the Nasdaq Global Select Market at the open of business on May 27, 2022 under the symbol “QDEL.” Shares of Quidel and Ortho will cease trading after the market close on May 26, 2022, and following the closing, Ortho will no longer be listed on Nasdaq. QuidelOrtho will be the successor to Quidel for purposes of the combined company’s Nasdaq listing.
Under the terms of the agreement governing the transaction, Ortho shareholders will receive $7.14 in cash and 0.1055 shares of QuidelOrtho common stock for each Ortho common share. Quidel stockholders will receive one share of QuidelOrtho common stock for each share of Quidel common stock.
About Quidel Corporation
Quidel Corporation (Nasdaq: QDEL) is a leading manufacturer of diagnostic solutions at the point of care, delivering a continuum of rapid testing technologies that further improve the quality of health care throughout the globe. An innovator for over 40 years in the medical device industry, Quidel pioneered the first FDA-cleared point-of-care test for influenza in 1999 and was the first to market a rapid SARS-CoV-2 antigen test in the U.S. Under trusted brand names Sofia, Solana, Lyra, Triage and QuickVue, Quidel’s comprehensive product portfolio includes tests for a wide range of infectious diseases, cardiac and autoimmune biomarkers, as well as a host of products to detect COVID-19. Quidel’s mission is to provide patients with immediate and frequent access to highly accurate, affordable testing for the good of our families, our communities and the world. For more information about Quidel, visit quidel.com.