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Quidel Announces Definitive Agreement to Acquire Alere Triage

SAN DIEGO--(BUSINESS WIRE)--Quidel Corporation (NASDAQ: QDEL) (“Quidel”), a provider of rapid diagnostic testing solutions, cellular-based virology assays and molecular diagnostic systems, announced today that it has entered into definitive agreements to acquire the Triage® MeterPro cardiovascular (CV) and toxicology assets (“Triage business”) and the B-type Naturietic Peptide (BNP) assay business run on Beckman Coulter analyzers (“BNP business”) from Alere Inc. These products are being divested in order to obtain antitrust approvals required for Abbott’s pending acquisition of Alere. The sale transactions are subject to the completion of Abbott’s acquisition of Alere, as well as antitrust approvals and other customary closing conditions.

Quidel will distribute the Triage® MeterPro products and BNP assays through a combination of direct sales force and distributors. Triage® MeterPro revenues were $146 million in 2016, while estimated revenues for the BNP business as structured under the transaction were $51 million for the same period. Total actual and estimated revenues for the acquired businesses in 2016 were $197 million. The transactions will be funded through a combination of cash on hand and committed financing. Quidel expects the transactions to close by September 30, 2017.

“We’ve been looking at acquisition opportunities in high-growth segments of the POC diagnostics market, such as cardiovascular, for several years, and believe that this strategic acquisition extends Quidel’s market leadership, adding an extensive cardiovascular and toxicology POC offering to our innovative medical diagnostics portfolio. The Triage acquisition significantly stabilizes our quarterly revenue profile and enhances our geographic and product diversity, with substantial expansion opportunities in new markets. Further, while the installed base of Triage® MeterPro instruments in the U.S. nicely complements the installed base of our Sofia and Solana platforms in the hospital segment, there will be new call points that our U.S. commercial organization can leverage as well. And internationally, the Triage® MeterPro system gives us access to the rapidly evolving...


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