QuidelOrtho is looking to sell its point-of-care testing unit at a $1.5 billion valuation, with private equity groups including Advent International, SK Capital Partners, and Archimed already expressing interest. The division sells rapid tests for infectious diseases such as COVID-19 and saw revenue fall about 13 percent year-over-year to $601.6 million last year. The sale is expected to help the company reduce its debt load, which stood at $3.8 billion in total liabilities including $3.5 billion in long-term borrowings as of March 31, largely due to its $6 billion acquisition of Ortho Clinical Diagnostics in 2022. While the sale process has reached an advanced stage, there is no guarantee the company will complete the divestment.
Quidel CorporationPlanned sale of point-of-care testing unit for $1.5B to reduce debt load