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The commercial transition in all countries is expected to be completed before the end of 2021. Prior to Beckman Coulter introducing its own branded product to the market, in certain countries Quidel will grant Beckman Coulter exclusive rights to distribute the Quidel branded BNP Assay. Pursuant to a Master Agreement, in connection with the transactions, on a country by country basis, Quidel will discontinue offering the Quidel BNP assay and Beckman Coulter will offer its own branded BNP assay to the market. "For Quidel, the mission of democratizing the benefits of diagnostic testing for infectious disease, heart health and other conditions at diverse points-of-care is our main priority and expected to continue to drive growth for our business." Entry into the agreements enable us to focus on expanding our core businesses and executing on our longer-term strategy while also creating a stable cash flow stream for the remainder of the term of the existing BNP supply agreement." "The transactions resolve ongoing litigation that began shortly after Quidel purchased the BNP Business from Alere in October 2017. "We are pleased to announce this agreement as this is a major step forward for both Quidel and Beckman Coulter, while supporting the healthcare customers we serve," said Douglas Bryant, president and CEO of Quidel Corporation. Under these agreements, Beckman Coulter will pay Quidel cash payments of between $70 million and $75 million per year through 2029.
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SAN DIEGO, July 26, 2021-( BUSINESS WIRE)- Quidel Corporation (NASDAQ: QDEL) ("Quidel"), a provider of rapid diagnostic testing solutions, cellular-based virology assays and molecular diagnostic systems, today announced its entry into agreements with Beckman Coulter resolving the ongoing litigation with Beckman Coulter and providing for the transition of the BNP Business to Beckman Coulter.
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Quidel to receive cash payments between $70 million to $75 million per year through 2029Īrrangement is expected to be EPS and Cash Flow neutral to the existing supply agreement through 2029įurther enables Quidel’s strategic focus on growing its core business Settlement Agreement ends litigation that began in November 2017, following Quidel’s acquisition of the BNP Business from Alere, Inc.