The San Diego-based diagnostics company wants to buy some of Alere's assets, but the deal is contingent upon Abbot-Alere merger.

Amanda Pedersen

So long as Abbott and Alere complete their merger, a San Diego-based diagnostics company will gain some of Alere's assets for $400 million plus $40 million in milestone-based payments. Quidel said acquiring Alere's triage business and B-type Naturietic Peptide (BNP) assay business could give the company a boost in the point-of-care diagnostics market.

Alere has to divest its Triage MeterPro products and BNP assays in order to satisfy antitrust requirements for its merger with Abbott. The Triage MeterPro brought in $146 million in revenue last year, while estimated revenues for the BNP business as structured under the transaction were $51 million in 2016. Total actual and estimated revenues for the acquired businesses last year were $197 million. Quidel said it will fund the deal through a combination of cash on hand and committed financing.