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Quidel Prices Senior Notes Offering

NEW YORK (GenomeWeb) — Quidel today announced the pricing of its previously announced underwritten public offering of $150 million in convertible senior notes due 2020.

The notes will pay interest at a rate of 3.25 percent per year, payable semiannually on June 15 and Dec. 15 of each year, beginning on June 15, 2015. The notes will mature on Dec. 15, 2020, unless earlier repurchased by Quidel or converted.

The conversion rate will initially be approximately 31.2 shares of common stock for each $1,000 principal amount of notes, representing an initial conversion price of about $32.06 per share, Quidel said.

Quidel also expects to grant underwriters a 30-day option to purchase up to an additional $22.5 million aggregate principal amount of the notes, solely to cover over-allotments, if any.

The San Diego-based in vitro diagnostics firm said it plans to use the net proceeds from the offering for working capital and other general corporate purposes, which may include acquisitions of products, technologies, or businesses, and opportunistic repurchases of shares of its common stock.

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