QDEL News & Events

QuidelOrtho surges 33% after FT says company looking to sell point-of-care arm

QuidelOrtho, the company behind one of the most well-known rapid coronavirus tests, is putting up for sale its point-of-care testing arm, seeking a valuation of $1.5B as private equity suitors eye opportunities in the healthcare and life sciences sectors, the Financial Times' Oliver Barnes and Antoine Gara report. The company is weighing offers from private equity groups, including Advent International, for the unit, the authors say, citing people familiar with the matter. Smaller firms such as SK Capital and Archimed have also expressed interest in the division, the authors note.

QuidelOrtho appointed Micah Young as CFO, effective July 6. Young will succeed Joseph Busky, who previously announced his retirement as CFO and will serve in an advisory role to support a smooth transition. Young most recently served as EVP and CFO of Masimo Corporation, a global medical technology company. He joined Masimo as CFO in 2017. Previously, he held progressively senior finance roles at NuVasive and finance and accounting roles at Zimmer Holdings, after beginning his career at Deloitte & Touche.