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Case Study:

Diagnostic Hybrids

“Summit backed us every step of the way, honored every commitment, and made a huge impact on our business. We accomplished all our goals and more, and we couldn't have done it without them.”

David Scholl, Former CEO

Location:
Athens, OH
Leadership:

David Scholl
Founded in:
1983
invested in:
2004
Status:

Acquired by Quidel Corporation 2010
Summit Team:
Harrison B. Miller
Case Study:

Diagnostic Hybrids

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%.