OraSure Technologies, Inc. Announces Purchase of Diversigen
06 Novembre 2019 - 10:00PM
OraSure Technologies, Inc. (NASDAQ: OSUR), a leader in point
of care diagnostic tests and specimen collection and stabilization
devices, today announced that it has entered into a definitive
agreement to acquire the outstanding equity of Diversigen in an
all-cash transaction.
Diversigen is a privately held microbiome
industry pioneer based in Houston, Texas. Diversigen provides
science-driven, customized solutions for metagenomics sequencing,
bioinformatics, and statistical analysis for the study of the
microbiome. The company was founded in 2013 by Dr. Joseph
Petrosino, director of the Alkek Center for Metagenomics and
Microbiome Research at the Baylor College of Medicine (BCM), where
Diversigen is a BCM portfolio company.
As the first company to establish microbiome
protocols in accordance with College of American Pathologists (CAP)
accreditation and Clinical Laboratory Improvements Amendments of
1988 (CLIA) guidelines, Diversigen has a strong track record of
supporting microbiome-focused clinical trials for big pharma
customers, as well as thought-leading microbiome-focused biotech
companies.
“Diversigen is a trailblazer in the microbiome
arena. Their addition to the OraSure family of companies, which
includes CoreBiome and DNA Genotek, positions us to be an industry
leader and accelerates our innovation-driven growth trajectory,”
said Stephen S. Tang, Ph.D., OraSure President & CEO.
“Ninety percent of Diversigen’s business is from
big pharma and a leading microbiome therapeutic company is also a
top customer,” Dr. Tang continued. “The powerful combination of
Diversigen’s strength, expertise, and focus on customer service
along with CoreBiome’s technical innovation in microbiome analysis
and DNA Genotek’s innovative sampling kits gives us
industry-leading product and service offerings from sampling to
rich analytics to drive actionable insights. We are excited
to unite these microbiome innovators whose unparalleled scientific
bench and informatics strength is defining the evolving microbiome
arena.”
“Since 2013 Diversigen has united the pioneering
research efforts of the Alkek Center for Metagenomics and
Microbiome Research at Baylor and the microbiome discovery
community to enable translation of microbiome science,” said
Diversigen founder Dr. Joseph Petrosino. “We're very excited to
combine the CLIA and CAP-accredited microbiome work-flows we've
developed at Baylor with the portfolio at OraSure. This union
creates an organization that is unrivaled in its ability to support
microbiome discovery and evolution.”
“Baylor College of Medicine is pleased to
partner with OraSure in bringing innovative microbiome related
services to the forefront of this evolving market,” said Dr. Paul
Klotman, president, CEO and executive dean of Baylor. “The
College’s innovative culture and commitment to translational
discovery allows us to engage in strong relationships like this
with OraSure to bring scientific discoveries to market at an
accelerated pace.”
Financial ConsiderationsThe
transaction is structured to include an upfront cash payment of $12
million and the potential for an additional earn-out payment tied
to revenue performance during 2019. The transaction is
expected to close in the next several days.
About OraSure
TechnologiesOraSure Technologies is empowering the global
community to improve health and wellness by providing access to
accurate essential information. OraSure is a leader in the
development, manufacture, and distribution of point-of-care
diagnostic tests, molecular collection devices, and other
technologies designed to detect or diagnose critical medical
conditions. Its first-to-market, innovative products include rapid
tests for the detection of antibodies to HIV and Hepatitis C (HCV)
on the OraQuick® platform, sample self-collection and stabilization
products for molecular applications, and oral fluid laboratory
tests for detecting various drugs of abuse. Together with its
wholly-owned subsidiaries (DNA Genotek, CoreBiome, and Novosanis),
OraSure provides its customers with value-added, end-to-end
solutions that encompass tools, diagnostics and services.
OraSure’s portfolio of products is sold globally to various
clinical laboratories, hospitals, clinics, community-based
organizations, and other public health organizations, research
institutions, distributors, government agencies, physicians’
offices, commercial, and industrial entities and consumers.
For more information on OraSure Technologies,
please visit www.orasure.com.
Important InformationThis press
release contains certain forward-looking statements, including with
respect to expected revenues and earnings/loss per share.
Forward-looking statements are not guarantees of future performance
or results. Known and unknown factors that could cause actual
performance or results to be materially different from those
expressed or implied in these statements include, but are not
limited to: successfully managing and integrating acquisitions of
other companies in a manner that complements or leverages our
existing business, or otherwise expands or enhances our portfolio
of products and our end-to-end service offerings, and the diversion
of management’s attention from our ongoing business and regular
business responsibilities to effect such integration; the expected
economic benefits of acquisitions (and increased returns for our
stockholders), including that the anticipated synergies, revenue
enhancement strategies and other benefits from the acquisitions may
not be fully realized or may take longer to realize than expected
and our actual integration costs may exceed our estimates; ability
to market and sell products, whether through our internal, direct
sales force or third parties; ability to manufacture products in
accordance with applicable specifications, performance standards
and quality requirements; ability to obtain, and timing and cost of
obtaining, necessary regulatory approvals for new products or new
indications or applications for existing products; ability to
comply with applicable regulatory requirements; ability to
effectively resolve warning letters, audit observations and other
findings or comments from the U.S. Food and Drug Administration
(“FDA”) or other regulators; changes in relationships, including
disputes or disagreements, with strategic partners or other parties
and reliance on strategic partners for the performance of critical
activities under collaborative arrangements; ability to meet
increased demand for the Company’s products; impact of significant
customer concentration in the genomics business; impact of
increased reliance on U.S. government contracts; failure of
distributors or other customers to meet purchase forecasts,
historic purchase levels or minimum purchase requirements for our
products; impact of replacing distributors; inventory levels at
distributors and other customers; ability of the Company to achieve
its financial and strategic objectives and continue to increase its
revenues, including the ability to expand international sales;
ability to identify, complete, integrate and realize the full
benefits of future acquisitions; impact of competitors, competing
products and technology changes; impact of negative economic
conditions; reduction or deferral of public funding available to
customers; competition from new or better technology or lower cost
products; ability to develop, commercialize and market new
products; market acceptance of oral fluid or urine testing,
collection or other products; market acceptance and uptake of
microbiome informatics, microbial genetics technology and related
analytics services; changes in market acceptance of products based
on product performance or other factors, including changes in
testing guidelines, algorithms or other recommendations by the
Centers for Disease Control and Prevention (“CDC”) or other
agencies; ability to fund research and development and other
products and operations; ability to obtain and maintain new or
existing product distribution channels; reliance on sole supply
sources for critical products and components; availability of
related products produced by third parties or products required for
use of our products; ability to maintain sustained profitability;
ability to utilize net operating loss carry forwards or other
deferred tax assets; volatility of the Company’s stock price;
uncertainty relating to patent protection and potential patent
infringement claims; uncertainty and costs of litigation relating
to patents and other intellectual property; availability of
licenses to patents or other technology; ability to enter into
international manufacturing agreements; obstacles to international
marketing and manufacturing of products; ability to sell products
internationally, including the impact of changes in international
funding sources and testing algorithms; adverse movements in
foreign currency exchange rates; loss or impairment of sources of
capital; ability to attract and retain qualified personnel;
exposure to product liability and other types of litigation;
changes in international, federal or state laws and regulations;
customer consolidations and inventory practices; equipment failures
and ability to obtain needed raw materials and components; the
impact of terrorist attacks and civil unrest; and general
political, business and economic conditions. These and other
factors that could affect our results are discussed more fully in
the Company’s Securities and Exchange Commission (“SEC”) filings,
including our registration statements, Annual Report on Form 10-K
for the year ended December 31, 2018, Quarterly Reports on
Form 10-Q, and other filings with the SEC. Although forward-looking
statements help to provide information about future prospects,
readers should keep in mind that forward-looking statements may not
be reliable. The forward-looking statements are made as of the date
of this press release and OraSure Technologies undertakes no duty
to update these statements.
Company contact:
Roberto Cuca |
Jeanne Mell |
Chief Financial Officer |
VP Corporate Communications |
610-882-1820 |
484-353-1575 |
Investorinfo@orasure.com |
media@orasure.com |
www.orasure.com |
www.orasure.com |
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