— Updated with closing price —
Aug. 26, 2025
— Jeff Ward, Lehigh Valley News Briefs
Shares of OraSure Technologies rose a little today after Reuters again reported that investor Ron Zwanziger has interest in the south Bethlehem-based maker of diagnostic devices.
OraSure, maker of the InteliSwab home test for Covid-19 and OraQuick, which detects HIV, has been a dud for a long time. It last showed any life during the Covid pandemic, when it received government funding and contracts.
The shares (NASDAQ:OSUR) rose 34 cents today, about 11%, to $3.48.
Reuters said Zwanziger said he may pursue an “adversarial path” if the company doesn’t show interest in a bid. Earlier, the news service reported that Zwanziger offered $3.50 to $4 per share.
The last time management of a Lehigh Valley company was challenged, Air Products Chief Executive Seifi Ghasemi was pushed out of the industrial gas firm. OraSure is a lot smaller than Air Products, and based on its laggard share price, the institutional investors who control the company may be willing to take any off ramp.
Reuters said Zwanziger considers OraSure’s $40 million buyout to have “failed.”
I’m with him on that. The one thing OraSure had was cash, and it decided to give up as much as $40 million of cash (which is good) for OraSure stock (which is not good).
OraSure CEO Carrie Eglinton Manner has made millions in her little more than three years at the helm. Perhaps now it’s time for shareholders to get something. Most of them won’t make any money, but cutting losses might be a step forward.
The company’s revenue keeps falling and it doesn’t make money. Something has to happen, which is unfortunate because it’s an interesting little company.
OraSure had 501 employees as of the end of last year, according to the company website.
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