QuidelOrtho Corporation (NASDAQ: QDEL) (“QuidelOrtho”) announced completion of the transaction combining Quidel Corporation (“Quidel”) and Ortho Clinical Diagnostics Holdings plc (“Ortho”), creating QuidelOrtho, a leading in vitro diagnostics company.
The new company, headquartered in San Diego, California, generated more than $3.5 billion in combined revenues in 2021 and has approximately 6,000 employees. QuidelOrtho will trade on the Nasdaq Global Select Market under the symbol “QDEL.”
“We are very excited to bring together the talented and experienced teams of both Quidel and Ortho who share a commitment to the employees, customers, patients, and the communities we serve,” said Douglas Bryant, Chairman and Chief Executive Officer of QuidelOrtho. “There is a lot of important work ahead of us to deliver on our targeted synergies and new product introductions and we are energized and poised to excel in our combined mission to deliver advanced diagnostics to improve human health. We look forward to executing on our growth strategy as QuidelOrtho and enhancing care across the testing continuum while driving long-term value creation for our stockholders.”
Under the terms of the agreement governing the transaction, former Ortho shareholders received $7.14 in cash and 0.1055 shares of QuidelOrtho common stock for each Ortho common share. Former Quidel stockholders received one share of QuidelOrtho common stock for each share of Quidel common stock. The QuidelOrtho board is composed of 8 former Quidel board members and 4 former Ortho board members.