Quidel Corporation (NASDAQ:QDEL) has revealed that it is pleased and confident with its legal position despite Beckman Coulter’s decision to seek direct sale of BNP Assay’s assets.
Beckman Coulter is currently seeking the legal permission that will allow it to sell directly to clients. This is in contrast to the deal that it made with Quidel to develop, manufacture and provide stable supply of B-type Naturietic Peptide (BNP) assay that is used to diagnose heart failure or cardiac disease. The company focuses on the production of diagnostic solutions that are used to enhance diagnostic solutions that will improve patient outcomes. Quidel has acknowledged Beckman Coulter’s legal pursuit but it is also confident in its legal strength regarding the matter.
Despite accepting the challenge, the company claims that Beckman Coulter’s legal claims have no merit and that they are against its long-term strategy of maintaining the supply contracts with long-term partners. Beckman has supply agreements with Biosite and Alere that have lasted for 14 years. Quidel also believes that Beckman is using those claims as tools that will allow it to acquire the BNP Assay business unit.
Quidel’s board of directors have rejected numerous offers for the acquisition the BNP assay business from Danaher Corporation, Beckman’s parent company over the past few weeks. The board of directors argues that the proposal presented by Danaher for the acquisition of the BNP assay business are inadequate. The board also believes that the company’s execution of a long-term strategy which includes the integration of assets that were recently acquired should provide long-term value for shareholders.
Beckman is seeking legal clarification from the San Diego courts on the rights to distribute a natriuretic peptide assay directly. Beckman is also working towards manufacturing and providing its TRIAGE® BNP assay to Quidel and it will continue to do as it awaits the resolution of the legal battle. Despite being at loggerheads, the two companies are expected to continue with their normal operations.
Quidel stock closed the latest trading session on Monday at $36.33 after tanking by 8.97 percent compared to the value of the stock during the previous close.