US-based diagnostic solutions provider Quidel has signed definitive agreements to buy Triage assets from point-of-care (POC) diagnostics firm Alere for around $400m and an additional $40m in contingent consideration.
The agreement includes the Triage MeterPro cardiovascular (CV) and toxicology assets, real estate for the Triage facilities at San Diego, US, and the B-type Naturietic Peptide (BNP) assay business.
The deal is expected to diversify Quidel’s overall business and bolster its presence in the POC market, while the combination of businesses will offer rapid diagnostics in critical care settings.
Alere is divesting the assets to obtain antitrust approvals that are required for its approximately $5.3bn acquisition by Abbott, estimated to be completed by the end of the third quarter of this year.
Quidel president and CEO Douglas Bryant said: “The Triage acquisition significantly stabilises our quarterly revenue profile and enhances our geographic and product diversity, with substantial expansion opportunities in new markets.
“We believe there are substantial benefits to be realised as we bring these strong organisations together, further establishing Quidel’s platform for growth and shareholder value creation opportunities.”
Quidel anticipates that the footprint of Triage MeterPro instruments in the country will complement its base of Sofia and Solana platforms in the hospital segment, while the Triage MeterPro system will offer access to its cardiac biomarker segment.
The firm intends to commercialise the Triage MeterPro products and BNP assays via direct sales force and distributors.
Expected to be closed by September, the Triage assets deal is subject to the completion of Abbott’s transaction, antitrust approvals and other customary closing conditions.