Ortho Clinical Diagnostics, a Carlyle-backed global provider of in vitro diagnostic products, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $800 million.
Acquired by The Carlyle Group (Nasdaq: CG) in 2014, Ortho Clinical Diagnostics is a pure-play in vitro diagnostics (IVD) business that provides diagnostic testing solutions to the clinical laboratory and transfusion medicine communities, impacting approximately 800,000 patients every day. The company has a global presence, with more than 4,500 employees that support customers across more than 130 countries and territories, and it generates revenue through its broad portfolio of tests and diagnostic instrument consumables.
The Raritan, NJ-based company was founded in 1939 and booked $1.7 billion in sales for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol OCDX. J.P. Morgan, BofA Securities, Goldman Sachs, Barclays, Morgan Stanley, Citi, Credit Suisse, UBS Investment Bank, Evercore ISI, and Piper Sandler are the joint bookrunners on the deal. No pricing terms were disclosed.
The article Carlyle LBO Ortho Clinical Diagnostics files for an estimated $800 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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