Created compelling new product offerings in a maturing category
Established a world class bio-manufacturing hub in an economically challenged region, creating hundreds of sustainable jobs
Grew revenues 2.5x over 6 years, with strong profitability
Acquired by Quidel Corporation
Originally incubated by Ohio University, Diagnostic Hybrids (DHI) had built a profitable growth business whose diagnostic products were highly valued by customers around the world. But the company’s core technology strength was in a mature category and the company was concerned about market headroom. Summit embraced management’s vision of a new wave of technological innovation to access new markets and to continue DHI’s strong growth.
How Summit helped:
- Worked closely with CEO and CFO to manage a complex R&D portfolio and focus DHI’s resources on the highest value activities
- Assisted in strategy and planning for huge expansion of manufacturing capacity
- Recruited highly successful life sciences entrepreneur Ken Fong (founder of Clontech) to the board
- Retained bankers and helped manage complex M&A discussions involving multiple parties
In 2010, Quidel Corporation (NASDAQ: QDEL) acquired DHI. Within three years, Quidel moved much of its San Diego-based bio-manufacturing operation to Athens, Ohio and the value of the combined company had increased by over 100%.