Quidel Corporation, a US-based virology assays and molecular diagnostic systems provider has completed the acquisition of BioHelix Corporation.
As per the terms of the deal, Quidel will pay $10m in cash to the shareholders of BioHelix and additional amounts in connection with an R&D earn-out based on the completion of a designated number of assays and a commercial earn-out dependent on product sales over a defined period.
Quidel plans to accelerate the development of its AmpliVue isothermal assays and lower the associated manufacturing costs with the acquisition of BioHelix Corporation.
Quidel plans to operate BioHelix as a wholly owned subsidiary of Quidel Corporation and Dr. Huimin Kong will remain as the president of BioHelix.
Quidel president and CEO Douglas Bryant said further, with the launch of AmpliVue C. difficile, the company has demonstrated customer receptivity to a hand-held, disposable molecular platform, which gives it confidence that this additional investment in BioHelix and its isothermal amplification technology is warranted.
"We welcome Dr. Kong, BioHelix, and its employees to the Quidel family, and are excited to add isothermal molecular assay development and enzyme manufacturing to our growing list of core competencies," Bryant added.