OraSure Technologies received takeover bid from industry entrepreneur, sources say
In June, Zwanziger submitted an unsolicited all-cash proposal to buy the Bethlehem, Pennsylvania-headquartered company, known for its COVID-19 rapid antigen tests, the sources said.
Along with a prominent Wall Street investor and others - people the sources did not identify - Zwanziger proposed paying between $3.50 and $4.00 a share for OraSure. OraSure's stock was trading aT $3.18 on Monday morning, leaving it with a market capitalization of $238.6 million.
The company's board rejected the offer not long after it was sent, without any discussions between the parties, the three sources said.
A company representative did not immediately respond to a request for comment.
A representative for Zwanziger, a serial deal maker who cemented his reputation through at-home blood glucose testing, could not be reached for comment.
Zwanziger has built and sold a handful of diagnostic companies during his long career, and sold diagnostic test manufacturer Alere Abbott Laboratories in 2017 for around $5.3 billion.
The rebuffed offer for OraSure was his second effort to combine with the company, according to one of the sources. In 2022, only a few months after the company named Carrie Eglinton Manner as its chief executive officer, Zwanziger proposed a merger through a stock swap, but terms could not be reached, the source said.
OraSure appealed to Zwanziger because of its solid core technology and he thought he could turn around the company's fortunes quickly with a new team, the sources said.
The company's stock price has fallen 27 per cent in the last 12 months and is off 77 per cent over the last five years. Quarterly revenue has been dropping since early 2023 as COVID-19 era sales dried up.
OraSure has been attempting to diversify its business as a result, buying Sherlock Biosciences late last year for its molecular diagnostics platform.
Point of care diagnostic companies offer accurate results in real time to measure cholesterol, and detect flu and pregnancy, for example. But the industry still remains highly fragmented with companies such as Danaher, Siemens, Roche and Thermo Fisher Scientific capturing the biggest market share.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
19 minutes ago
- CNA
Trump signs order extending China tariff truce by 90 days, White House says
WASHINGTON: US President Donald Trump has signed an executive order extending a tariff truce with China by another 90 days, the White House said on Monday (Aug 11), hours before steep tariff increases were due to take effect. The move prevents US tariffs on Chinese goods from rising to 145 per cent and Chinese tariffs on US goods from climbing to 125 per cent, levels trade experts said would have amounted to a virtual embargo. AVERTING A DEADLINE A day earlier, Trump had urged Beijing to quadruple purchases of US soybeans but gave a noncommittal answer when asked if he would extend the lower tariff rates. 'We'll see what happens,' Trump told reporters at the White House. 'They've been dealing quite nicely. The relationship is very good with President Xi (Jinping) and myself.' Imports from China are currently subject to 30 per cent tariffs, made up of a 10 per cent base rate and 20 per cent in fentanyl-related duties imposed earlier this year. China had matched the de-escalation, lowering its tariffs on US imports to 10 per cent. NEGOTIATIONS CONTINUE Beijing and Washington agreed to the 90-day truce in May after talks in Geneva, with further discussions held in Stockholm in July. Those meetings did not produce a formal extension until Monday's order. Kelly Ann Shaw, a former White House trade official under Trump, said the president often pushed decisions to the last minute and predicted the truce could be extended again. 'The whole reason for the 90-day pause in the first place was to lay the groundwork for broader negotiations,' she said. Ryan Majerus, a former US trade official now with King & Spalding, said the extension would 'undoubtedly lower anxiety on both sides' and give time to address long-standing trade concerns. WIDER ECONOMIC ISSUES The White House did not elaborate beyond Trump's remarks, and the Treasury Department and US Trade Representative's Office declined to comment.
CNA
4 hours ago
- CNA
Paramount to become exclusive US home for UFC in $7.7 billion rights deal
Skydance-owned Paramount will become the exclusive U.S. home of Ultimate Fighting Championship under a seven-year media rights deal valued at about $7.7 billion, marking the first major strategic move by the merged media giant under new CEO David Ellison. Starting next year, Paramount+ will carry the complete U.S. slate of 13 numbered UFC events and 30 Fight Nights. UFC, owned by TKO Group Holdings, will also have select numbered cards simulcast on Paramount's CBS broadcast network, the companies announced on Monday. The deal builds on Ellison's commitment to increase investment in high-quality exclusive content, which he had called the "single biggest driver of subscriber growth". Sports content, has become the cornerstone of media strategy, as cord-cutting accelerates, with rivals such as Netflix and Disney also striking similar deals to strengthen their offerings. Netflix secured a $5 billion, 10-year global deal for WWE Raw from 2025 and added two NFL Christmas Day games. Disney's ESPN extended rights with NFL, NHL, MLB and College Football Playoff. "The addition of UFC's year-round must-watch events to our platforms is a major win," Ellison said, calling UFC a "global sports powerhouse". Paramount will pay an average of $1.1 billion a year to TKO Group and include events at no extra cost to subscribers, shifting away from UFC's traditional pay-per-view model. It may seek UFC rights in other markets as they come up for bidding. "They are not playing for near-term earnings outperformance, they are trying to create a long-term imprint on the future of the media industry to 'win,'" LightShed Partners analysts said. UFC stages about 43 live events a year, reaching roughly 100 million U.S. fans and nearly 950 million households globally. Its slate includes marquee-numbered card events like UFC 300, and weekly Fight Nights. Paramount and Skydance completed their $8.4 billion merger last week, capping a drawn-out deal process marked by political scrutiny and shareholder concerns.
CNA
4 hours ago
- CNA
ESPN, Fox to bundle upcoming streaming services in new sports-heavy deal
Upcoming streaming services of ESPN and Fox will be bundled for $39.99 per month starting October 2, the companies said on Monday, offering sports fans a wide range of major events including the NFL and NBA at a discounted rate. The bundle is the first significant deal involving major sports rights holders after Disney, Fox and Warner Bros Discovery abandoned plans to launch their live sports joint venture, Venu Sports, after it ran into substantial legal opposition. Media companies are pairing their streaming services to offer bundled deals and boost customer stickiness, as viewers face steep price hikes and an overload of choice. The new package brings together Fox One, which offers Fox's sports, news, and entertainment content, and ESPN's new direct-to-consumer network, featuring professional and college football and basketball games. Both platforms are launching on August 21. "We continue to look for opportunities to streamline the user experience, especially for the ultimate sports fan," said Tony Billetter, senior vice president, strategy and business development at Fox Direct to Consumer.
