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 (ABT.N), opens new tab 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% in the last 12 months and is off 77% 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 (DHR.N), opens new tab, Siemens (SIEGn.DE), opens new tab, Roche (ROG.S), opens new tab and Thermo Fisher Scientific (TMO.N), opens new tab capturing the biggest market share.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
28 minutes ago
- The Independent
AriZona has been 99 cents for decades. Trump's tariffs might change that
AriZona Iced Tea has warned that, for the first time in almost 30 years, it may have to raise the price of its signature 'Big Cans' from $0.99 because of Donald Trump 's tariff war. Co-founder Don Vultaggio has said his company may finally have to disappoint customers and hike the retail price of its tallboy beverages, which have held steady since 1997, because Trump decides to place a 50 percent tariff on steel and aluminum imports. 'At some point, the consumer is going to have to pay the price,' Vultaggio told The New York Times of the president's actions. 'I hate even the thought of it. It would be a hell of a shame after 30-plus years.' AriZona imports 20 percent of the aluminum used in its cans from Canada (the remaining 80 percent comes from recycled materials in the United States), meaning that rising costs could force it to change its pricing, however reluctantly. 'Our price has been dramatically bumped up because of this tariff talk,' Vultaggio said, pointing out that the few domestic aluminum manufacturers are all but sure to hike their prices in response to Trump's manoeuvring. 'I hope the administration understands and deals with the fact that if you're going to protect American manufacturers, you can't allow them to gouge the marketplace because of that protection. If I had Donald Trump 's ear, that's what I would tell him directly.' The company sells approximately 2 billion cans of drinks annually, according to the Times, around half of which are tallboys. Had Vultaggio kept pace with inflation, AriZona's Big Cans would currently retail for $1.99. Still, he has preferred not to do that, believing in building up repeat purchases through earned customer loyalty, a philosophy he says he learned working in his father's grocery store in Flatbush, Brooklyn. Asked by NBC's Today Show last summer why he had never moved to raise his prices before, Vultaggio answered: 'We're successful. We're debt-free. We own everything. Why? Why have people who are having a hard time paying their rent have to pay more for our drink? 'We're going to fight as hard as we can for consumers because consumers are my friends.' AriZona has yet to announce a tariff-enforced price hike and, for now, its owner says he is maintaining an phlegmatic outlook, telling the Times: 'What happens, happens. We can find our way through it.' Justifying his decision in June to raise the metals tariffs to twice that initially announced in April, President Trump said: 'I have determined that increasing the previously imposed tariffs will provide greater support to these industries and reduce or eliminate the national security threat posed by imports of steel and aluminum articles and their derivative articles.' Charles Johnson, president and CEO of The Aluminum Association, responded to the president's decision by saying: 'Re-establishing a more level playing field for domestic producers is critical, but a Section 232 tariff of 50 percent threatens to undermine the very industry the administration aims to support. 'The Aluminum Association, which represents the full industry supply chain and 70 percent of domestic production, urges the administration to reconsider today's decision given the negative impact it will have on manufacturers.' Even before the president made his announcement, he received an open letter in February co-signed by the leaders of 20 can-based food and drink producers warning him of the unintended knock-on consequences of meddling with metal imports. 'We understand your efforts to use tariffs and other broad trade tools to level the global economic playing field and make our country's economy great again,' the signatories wrote. 'However, the unintended consequences of these measures – if not properly tailored and implemented – are extremely detrimental to American food producers, farmers, and metal can makers and, hence, our nation's food security.' The prospect of AriZona having to raise its prices has already caught the attention of New York Democratic Rep. Ritchie Torres, who wrote on X on Sunday: 'Since 1997, AriZona Iced Tea has proudly kept its iconic 99-cent price tag. 'For the first time in nearly three decades, Trump's tariffs (effectively a tax on American consumers and businesses) threaten to double that price to $1.99. Trump promised to lower prices. Instead, he's driving them up.'
Daily Mail
28 minutes ago
- Daily Mail
Lorraine star reveals GP son was held at knifepoint in 'terrifying' ordeal at work - pleading 'it needs to stop' and begging for 'more protection'
A Lorraine star has revealed his GP son was held at gunpoint during a 'terrifying' ordeal while at work - and begged for more protection for frontline NHS workers. Dr Hilary Jones has been the daytime programme's health editor for an impressive 15 years - frequently appearing to offer medical advice and debunk health myths. But the 72-year-old has now offered a rare and candid glimpse into his life - telling how his son was threatened with a knife while on duty. On Monday morning's installment of the show, host Ranvir Singh began: 'You've spoken in an interview with a newspaper about something that happened to your son, who is a GP. 'Not recently, but it's, obviously, for any father - what happened to your son as a GP was terrifying.' Dr Hilary explained: 'So, he's conducting a GP surgery and a patient leans over the desk brandishing a knife - threatening him with a knife. 'Now, he dealt with it really well, he's fine, but this is not an isolated incident.' The concerned father told how one in six NHS workers and one in three ambulance staff in England have been abused physically. Dr Hilary also highlighted that a staggering ten percent of nurses have been sexually harassed by visitors or patients. 'It's something that has to stop,' he continued. 'It's basically an abuse of the NHS.' 'In 1948, when the NHS was created, everyone was so in love with it and so grateful - this never happened. 'But now it's as if people go, "We can just abuse those staff. They're here at our request and will do anything that we want them to do, and we can threaten them if they don't do it."' Dr Hilary went on to say that doctors need 'more protection' and 'better reporting systems' to keep them safe at work. It follows Dr Hilary's return to the studio after major surgery and weeks off screen. During last week's installment of Lorraine, step-in host Christine Lampard, 46, pointed out his return and said: 'Now, welcome back. 'I feel like there should be a big round of applause for this. Dr Hilary is back in the studio. 'It's so lovely to see you because you've been off. You've had a little op!' Dr Hilary replied: 'I had a little operation on my hip. Yes I had a hip replacement five weeks ago, tomorrow.' 'Hip replacement surgery - sometimes called total hip replacement - involves replacing damaged parts of your hip joint with metal, plastic or ceramic parts,' the NHS states. It is commonly done to 'treat pain and stiffness in the hip joint'. Dr Hilary continued: 'Look it's great to be back with my extended family. I've missed you guys!' 'Well you're looking great,' Christine told him. Dr Hilary replied: 'Well I'm feeling great. There I was... that was the day after I had my hip replacement. It's such a good operation. 'I think people tend to leave it too long. They are in a lot of pain for a long time with limited mobility and that mans their muscles become weaker. 'So rehabilitation takes longer. I was very lucky to have this done on the NHS. Wonderful treatment. I had a spinal anesthetic so I was semi conscious during the procedure.'
The Sun
28 minutes ago
- The Sun
I feared sharp chest pains at 25 were a heart attack – it was ‘popcorn lung' after vaping left ‘OIL filling my organs'
HAVING switched from smoking to vaping two years ago, Cloey Eyes thought she was avoiding the smell of smoke she hated so much, as well as opting for a healthier alternative. But when she woke up with sharp chest pains one morning and feared the worst - that she was having a heart attack and was going to die - she claims doctors discovered a sinister side effect of using e-cigarettes. 5 5 Cloey made the switch to vaping in August 2023 after smoking cigarettes for three years, mainly over her dislike of the smell. But when the mum-of-five woke up with "sharp" pains in her chest on July 12 this year, she called an ambulance as she feared she was having a heart attack. The 25-year-old was rushed to hospital in Ocala, Florida, where she was hooked up to oxygen and a heart monitor. But after undergoing tests, she was told she had "popcorn lung"-type injuries and claims doctors discovered an oily substance had been found building up in her lungs. Vaping has been known to lead to lipoid pneumonia, in which oily substances inhaled during vaping lead to a build-up in the lungs, causing inflammation and damage. The stay-at-home mum is now raising awareness about her vaping experience and is urging others to stop smoking them before it's too late. Cloey says: "I woke up at 2:30am in the morning and my chest felt like it was having a heart attack. "I had really bad pains in my chest and had to lean over. I couldn't catch my breath, and I had to hit myself in the chest multiple times to be able to catch my breath. "I was terrified at the pain, and I felt like I was going to die as I was scared I was going to not be able to breathe at all. "It was a sharp pain in my chest, but it also was a suffocating feeling. Teen told he was coughing up 'pints' of blood due to a stomach ulcer caused by kebabs - 'excessive vaping' was to blame "The ambulance came and got me, and I was taken to hospital, and they said my left lung had an oil pocket in it. "Around both my lungs was oil. It was scary to hear this. It's the oil from the vape, and this is thickening up as you hit it [the vape] and attaching itself to your lungs. "I technically at that point had popcorn lung. That's what they call it here." 'Non-stop' vaping Cloey said she would go through one 5000-puff disposable vape every two weeks and would use it "non-stop" due to the convenience. After staying overnight in hospital, she was discharged and prescribed antibiotics, an inhaler and cough suppressant medication. Cloey claims it will take a year for her lungs to heal completely and is now raising awareness to others about the dangers of vaping. As a person I would tell people to put the vape down, especially if you're a parent. You don't think it's going to happen to you. I didn't think it would Cloey Eyes She said: "I would smoke the vape every day non-stop. I used the vape more than when I smoked, as it was handy and right there. "I would never pick up a vape again, especially because I'm a mum. I went cold turkey and quit vaping. "I'm not struggling with it at all, as what happened to me scared me, and I don't want to do it anymore. "I feel 10 times better now as I have stopped completely. My lungs feel better, and I don't feel out of breath all the time. "As a person, I would tell people to put the vape down, especially if you're a parent. You don't think it's going to happen to you. I didn't think it would. "Even if you don't go through the pain, the amount of chemicals going through your lungs is probably knocking about 10 years off your life. "I turned 25 last Saturday and to think I could have lost my life from vaping is just not worth it." 5 5 What is 'popcorn lung'? Popcorn lung, also known as bronchiolitis obliterans, is a rare and severe lung disease caused by a build-up of scar tissue in the lungs, which then blocks the flow of air. The condition is caused by inhaling certain chemicals, like diacetyl - an organic compound which occurs naturally in alcoholic beverages and some cheeses and is added as a flavouring to some foods to impart its buttery flavour. Around the year 2000, a group of popcorn factory workers in the USA developed the condition, which led to the name 'popcorn lung'. Diacetyl was used as a flavouring in the popcorn, which meant workers were breathing in the chemical. Other common causes of bronchiolitis obliterans include infections, such as RSV and the flu, breathing in toxic chemicals like sulfur mustard gas, and autoimmune conditions, including rheumatoid arthritis. Popcorn lung and vaping There haven't been any confirmed cases of popcorn lung linked to vaping. But people have connected the two because some of the liquids in e-cigarettes used to contain diacetyl. In the UK, diacetyl was banned in e-cigarettes and e-liquids under the EU Tobacco Products Directive (TPD) in 2016. Another condition that's been linked to vaping and oil build-up in the lungs is lipoid pneumonia. As vaping involves heating e-liquids, which often contain oils, into an aerosol that is then inhaled, these oily substances can deposit in the lungs' air sacs (alveoli), leading to an inflammatory reaction and potentially lipoid pneumonia. Diagnosing vaping-associated lipoid pneumonia can be challenging due to overlapping symptoms with other lung conditions. But signs to look out for include a cough, shortness of breath, chest pain, and fever. IS VAPING HARMFUL? WHILE vaping is generally considered less harmful than smoking cigarettes, it's not completely harmless and its long-term effects are still being studied. Vaping products generally contain fewer toxic chemicals than cigarette smoke, as they don't involve the combustion of tobacco. They may also expose users to fewer cancer-causing substances compared to smoking. But vaping delivers nicotine, which is addictive, and the long-term effects of this on the body are still being researched. And there have been reports of lung irritation and respiratory problems, including lung damage. Cancer Research UK advises: "There is no good evidence that vaping causes cancer. "But e-cigarettes are not risk-free. They can cause side effects such as throat and mouth irritation, headache, cough and feeling sick. These side effects tend to reduce over time with continued use. "We don't know yet what effects they might have in the long term. "E-cigarettes should only be used to help you stop smoking, or to stop you going back to tobacco. "Most e-cigarettes contain nicotine, which is addictive. "If you have never smoked, you shouldn't use e-cigarettes."
