Key Developments: Quidel Corporation (QDEL.O)
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Latest Key Developments
Quidel Corporation Announces Definitive Agreement To Acquire Diagnostic Hybrids
Quidel Corporation announced that it has signed a definitive agreement to acquire privately held Diagnostic Hybrids, Inc. for approximately $130 million in cash. Diagnostic Hybrids, based in Athens, Ohio, is a manufacturing and commercializing direct fluorescent in vitro diagnostic assays used in hospital and reference laboratories for a variety of diseases, including viral respiratory infections, herpes, Chlamydia and other viral infections, and thyroid diseases. Quidel Corporation plans to operate Diagnostic Hybrids as a separate subsidiary. The acquisition is expected to close in the first quarter of 2010. William Blair & Company, L.L.C. acted as the exclusive financial advisor to Diagnostic Hybrids.
Quidel Corporation Authorizes Additional $25 Million Under Stock Repurchase Program
Quidel Corporation announced that it has authorized an extension of the Company's current common stock repurchase program. The repurchase plan is intended to increase shareholder value and reduce the dilutive effect of Quidel's equity compensation programs. The extension authorizes the repurchase of up to an additional $25 million in shares of Quidel common stock under the repurchase program. The Quidel Board initially authorized a $25 million stock repurchase program in May 2005. The Board authorized additional $25 million extensions of the stock repurchase program in 2007 and 2008. As of December 7, 2009, there remained approximately $26 million available for repurchase of Company common stock under the repurchase program.
Quidel Corporation Comments On Q4 2009 Revenue Outlook-Conference Call
Quidel Corporation announced that it expects to achieve meaningful double-digit revenue growth in the fourth quarter of 2009. According to Reuters Estimates, analysts on an average are expecting the Company to report revenue of $34 million for the same period.
Quidel Corporation Announces Launch of Their MicroVue C5a EIA Kit for Research Use Only
Quidel Corporation announced the launch of their MicroVue C5a EIA Kit for Research Use Only. The test is not for use in diagnostic procedures; it is intended for use in the research environment.
Quidel Corporation Announces Joint Development And Commercialization Agreement With BioHelix Corporation
Quidel Corporation announced that it has entered into a joint development and commercialization agreement with BioHelix Corporation. The agreement with BioHelix focuses on the development and commercialization of in vitro molecular diagnostic tests utilizing BioHelix's isothermal amplification technology. The partnership combines BioHelix's expertise in the research and development of nucleic acid technologies for diagnostic applications with the Company's strength in the development, manufacture and commercialization of diagnostic tests. Under the partnership, the Company will fund and jointly develop with BioHelix assays for rapid detection of infectious pathogens in a non-instrumented, handheld format utilizing BioHelix's isothermal amplification technology. BioHelix undertakes primary responsibility for assay development while the Company has primary responsibility for manufacturing, marketing and selling the new products developed under the agreement and exclusive, worldwide commercialization rights for the new products.
Quidel Corporation Issues Clarification Regarding Special 510(k) Clearance To Add 2009 H1N1 Influenza A Virus Reactivity Information To QuickVue Influenza A+B Test Package Insert
Quidel Corporation announced that it has issued clarification regarding the Special 510(k) clearance for an update to the Company's QuickVue Influenza A+B test package insert. A news wire agency released misleading information stating there is a new swine flu version of Quidel Corporation's QuickVue Influenza A+B test and that FDA approved this new version. This statement is incorrect. Quidel did obtain Special 510(k) clearance for an update to the QuickVue Influenza A+B test package insert to include reactivity with culture isolates of the 2009 H1N1 Influenza A virus. Although the QuickVue Influenza A+B test has been shown to detect the 2009 influenza A (H1N1) virus, the performance characteristics of this device with clinical specimens that are positive for the 2009 influenza A (H1N1) virus have not been established. The QuickVue Influenza A+B test kit can distinguish between influenza A and B viruses, but it cannot differentiate influenza subtypes. Quidel Corporation clarified, the special 510(k) clearance was for an update to the package insert. The QuickVue Influenza A+B test can detect cultured isolates of the 2009 influenza A (H1N1) virus, however, the clinical performance with actual clinical specimens has not been demonstrated.
Quidel Corporation Obtains Special 510(k) Clearance To Add 2009 H1N1 Influenza A Virus Reactivity Information To QuickVue Influenza A+B Test Package Insert
Quidel Corporation announced that it has received Special 510(k) clearance for an update to the Company's QuickVue Influenza A+B test package insert to include reactivity with culture isolates of the 2009 H1N1 Influenza A virus. This clearance supplements the reactivity with 13 other isolates of seasonal H1N1 influenza viruses currently listed in the package insert. In total, 34 different isolates of human Influenza A, 13 different isolates of human Influenza B, and 24 different isolates from birds and mammals have now been shown to be detectable by the QuickVue Influenza A+B test.
Quidel Corporation Announces Strategic Restructuring And Work Force Reduction
Quidel Corporation announced a strategic corporate restructuring and work force reduction in order to gain operational efficiencies and reduce costs. The reduction in force involves approximately 10% of the work force, or 31 employees from all areas of the business. In connection with the restructuring, the Company is refining its approach to business development activities and, among other changes, has therefore eliminated two related senior level positions. Among other cost cutting measures, the Company has eliminated its annual cash incentive program for 2009 and taken action to reduce certain discretionary spending for the remainder of the year.
Quidel Corporation Appoints Douglas C. Bryant President And Chief Executive Officer
Quidel Corporation announced that the Board of Directors appointed Douglas C. Bryant as President and Chief Executive Officer. Mr. Bryant will begin employment with the Company and join the Company's Board on February 2, 2009. Caren Mason will continue in her current capacity as President and Chief Executive Officer until March 1, 2009, when Mr. Bryant's appointment as President and Chief Executive Officer becomes effective. To facilitate the transition in leadership, Ms. Mason will serve as a special advisor until her planned retirement on June 1, 2009.
Quidel Corporation's President and Chief Executive Officer, Caren L. Mason, To Retire On June 1, 2009
Quidel Corporation announced that Caren L. Mason, its President and Chief Executive Officer (CEO), has informed the Board of her intention to retire from Quidel on June 1, 2009. The Board of Directors of Quidel has initiated a search for her replacement.
Deals of the day -- mergers and acquisitions
Jan 11 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 0430 GMT on Monday.
Earnings vs. 
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