QuidelOrtho Corporation (QDEL), a diagnostics company, announced on Monday that it has completed the acquisition of LEX Diagnostics for a cash consideration of approximately $100 million.
LEX Diagnostic is the developer of the LEX VELO system, which received FDA clearance in February of this year.
The LEX VELO system is a molecular diagnostics platform designed for multiplex RT- PCR testing for Influenza A, Influenza B and COVID-19 directly from a swab sample. Results are presented within 6-10 minutes, and eliminate the need for external liquid handling, thus preventing contamination of samples.
QuidelOrtho stated that the acquisition of LEX would contribute to accelerating growth in its point-of-care molecular diagnostics market. The company anticipates commercially launching the LEX VELO system in the U.S. later this year, with global expansion planned for the future.
QDEL is currently trading at $5.16, up 16.22%.
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