NEW YORK (GenomeWeb) – Quidel announced today it has completed the sale of its newly-acquired Summers Ridge campus for $148.7 million, including $142 million in immediately available net cash.
The Summers Ridge campus was included in the firm's acquisition of the Triage business from Abbott subsidiary Alere. Quidel has sold the property to an affiliate of Alexandria Real Estate Equities and will lease back two of the four buildings on the site for a term of 15 years, according to a statement.
The company intends to use $100 million of the cash proceeds to pay down the existing term loans under its credit agreement, and to pay off the entire outstanding $10 million balance on its revolving line of credit, leaving approximately $145 million remaining in term loans outstanding. Quidel previously reported the debt paydown would reduce the firm's interest debt expense by approximately $6 million and add approximately that same amount in annual operating expense.