SAN DIEGO (AP) -- Medical diagnostics maker Quidel Corp. said Monday it will buy privately held Diagnostic Hybrids Inc., a competing test maker, for about $130 million in cash, adding laboratory test products.
Quidel makes a range of tests to detect flu and respiratory viruses and sexually transmitted diseases. Diagnostic Hybrids, based in Athens, Ohio, makes similar tests.
Quidel said Diagnostic Hybrids had $38 million in revenue in 2008 and will operate as a subsidiary with David Scholl remaining as its president.
The deal is expected to close during the first quarter.
Shares of Quidel rose 82 cents, or 5.8 percent, to $14.97 in afternoon trading. The stock has traded between $7.05 and $18.81 over the last 52 weeks.
