Diagnostic Hybrids

In 1983, a group of professors from Ohio University saw an opportunity to commercialize sophisticated diagnostic tests and spun out Diagnostic Hybrids. The company, based in Athens, Ohio, focused on developing cellular and molecular diagnostic kits to identify a range of viral infections, including respiratory illnesses and herpes. The core of their business was leveraging expertise in antibody development and cell culture to create products for hospitals and reference laboratories. The playbook was straightforward: build highly accurate and valued diagnostic products. This strategy paid off, leading to profitable growth. A key moment came in 2004 when the company received a $10 million private equity investment from Summit Partners and Kenson Ventures to fuel further development and expansion. By 2009, Diagnostic Hybrids had grown significantly, reporting revenues of $51 million. This success attracted the attention of Quidel Corporation, a San Diego-based provider of point-of-care diagnostic tests. In January 2010, Quidel announced it would acquire Diagnostic Hybrids for approximately $130 million in cash. The acquisition was a strategic fit, broadening Quidel's portfolio into complementary infectious disease markets and strengthening its research and development capabilities. Diagnostic Hybrids became a wholly owned subsidiary, continuing its operations in Athens and solidifying its role as a key player in the diagnostics industry.