Quidel Corp. of San Diego announced that it has signed a letterof intent to acquire an established home testing fertilitybusiness in France from Clonatec S.A., a subsidiary of OHFholding company.
The products include two pregnancy tests and one ovulationprediction product that currently holds the second leadingmarket position in France's $20 million home testing market.
The transaction will be structured as an acquisition by Quidel(NASDAQ:QDEL) of a 75 percent equity interest in a newlyformed French company, Quidel France, according to Quidel'schairman and chief executive officer, Scott Glenn.
The remaining 25 percent equity interest will be retained byClonatec, subject to an option on Quidel's part to purchasewithin two years after the initial closing.
Quidel intends to issue 760,000 shares of common stock toeffect the acquisition of the initial 75 percent. The companyanticipates finalization toward the end of this month or in earlySeptember.
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