Shares of QuidelOrtho surged 34.7% in afternoon trading after reports emerged that the company is considering selling its point-of-care testing business for about $1.5 billion. The unit, known for its rapid COVID-19 antigen tests, is attracting bids from private equity firms, and a sale would help reduce QuidelOrtho's $3.8 billion debt burden, largely from its 2022 acquisition of Ortho Clinical Diagnostics. An analyst at Jefferies viewed a potential sale as a net positive, though final details are awaited. The stock's significant jump followed the news breaking over the weekend.
Quidel CorporationPotential $1.5B sale of point-of-care testing business to reduce debt, viewed positively by Jefferies analyst.