***Update: OraSure will pay $5 million and as much as $20 million more depending on regulatory approval of the tests. Those numbers were disclosed during a conference call, which as usual for OraSure featured a ton of jargon.
The company really likes buzzwords. It’s irritating to listeners.
Meanwhile, the stock rose 8 cents to $3.87 in late trading as of 6:21 p.m. Later, the shares were down to $3.67. Late trading can be light and volatile.
— Jeff Ward, Lehigh Valley News Briefs
OraSure Technologies, a Bethlehem-based maker of medical diagnostic tests, has acquired Sherlock Biosciences, which is developing a test for sexually-transmitted infections (STIs).
OraSure (NASDAQ:OSUR) did not disclose the price in a statement posted Thursday. OraSure will discuss the acquisition in a 5 p.m. conference call today.
Sherlock is based in Watertown, Massachusetts. It is developing a self-test for chlamydia and gonorrhoeae. The test is in clinical studies and is “expected to be submitted” to the U.S Food and Drug Administration by the end of 2025 for review, according to OraSure’s statement.
“Revenue from Sherlock’s CT/NG test is expected to contribute to OTI’s growth beginning in 2026,” the statement says. OraSure sometimes refers to itself by the acronym OTI (OraSure Technologies Inc.)
“The acquisition of Sherlock represents the next step in OTI’s innovation strategy,” OraSure Chief Executive and President Carrie Eglinton Manner said in the statement. Eglinton Manner has said OraSure’s future is in providing home tests for patients.
OraSure products include InteliSwab, a home test for COVID-19, and OraQuick, which detects HIV.
Shares of OraSure closed today at $3.79, giving the company a market capitalization of $282.7 million.
At 4:21 p.m., the shares were trading at $3.82.
Lehigh Valley News Briefs 