Quidel Announces Private Exchange Transactions

Quidel Corporation (NASDAQ: QDEL) (“Quidel”), a provider of rapid
diagnostic testing solutions, cellular-based virology assays and
molecular diagnostic systems, announced today that it has entered into
separate, privately negotiated exchange agreements with certain holders
of its 3.25% Convertible Senior Notes due 2020 (the “2020 Notes”).
Pursuant to these exchange agreements Quidel will exchange approximately
$45.372 million in aggregate principal amount of the 2020 Notes for (i)
approximately 1,273,601 shares of the company’s common stock plus (ii)
an additional number of newly issued shares of the company’s common
stock to be determined based on the volume weighted average price of the
company’s common stock over the three consecutive trading days
commencing on June 5, 2019. The transactions are expected to close on
June 17, 2019.

About Quidel Corporation

Quidel Corporation serves to enhance the health and well-being of people
around the globe through the development of diagnostic solutions that
can lead to improved patient outcomes and provide economic benefits to
the healthcare system. Marketed under the Sofia®, QuickVue®, D3® Direct
Detection, Thyretain®, Triage® and InflammaDry® leading brand names, as
well as under the new Solana®, AmpliVue®and Lyra® molecular
diagnostic brands, Quidel’s products aid in the detection and diagnosis
of many critical diseases and conditions, including, among others, influenza,
respiratory
syncytial virus, Strep A, herpes, pregnancy, thyroid
disease and fecal
occult blood. Quidel's recently acquired Triage® system of tests
comprises a comprehensive test menu that provides rapid, cost-effective
treatment decisions at the point-of-care (POC), offering a diverse
immunoassay menu in a variety of tests to provide diagnostic answers for
quantitative BNP, CK-MB, d-dimer, myoglobin, troponin I and qualitative
TOX Drug Screen. Quidel’s research and development engine is also
developing a continuum of diagnostic solutions from advanced immunoassay
to molecular diagnostic tests to further improve the quality of
healthcare in physicians’ offices and hospital and reference
laboratories. For more information about Quidel’s comprehensive product
portfolio, visit quidel.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within
the meaning of the federal securities laws that involve material risks,
assumptions and uncertainties. Many possible events or factors could
affect our future results and performance, such that our actual results
and performance may differ materially from those that may be described
or implied in the forward-looking statements. As such, no
forward-looking statement can be guaranteed. The factors that could
cause actual results to differ from what is described herein, including,
but not limited to the failure of one or more of the exchanges to close,
include financial market conditions and actions by the counterparties to
the exchange agreements. Quidel is subject to additional risks
and uncertainties described in Quidel’s annual report on Form 10-K and
subsequent quarterly reports on Form 10-Q. You are cautioned not to
place undue reliance on these forward-looking statements, which reflect
management’s analysis and expectations only as of the date of this press
release. Except as required by law, we undertake no obligation to
publicly release the results of any revision or update of these
forward-looking statements, whether as a result of new information,
future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190604006093/en/