Ortho Clinical Diagnostics Announces Secondary Offering of Ordinary Shares

Rhea-AI Summary

Ortho Clinical Diagnostics (Nasdaq: OCDX) announced a secondary offering of 22,000,000 ordinary shares by an affiliate of The Carlyle Group. The Selling Shareholder may also offer an additional 3,300,000 shares through underwriters Goldman Sachs and J.P. Morgan. Importantly, the company is not selling any shares and will not receive proceeds from the offering, instead covering associated costs. The registration statement has been filed with the SEC but is not yet effective.

Positive

• The secondary offering allows the Selling Shareholder to monetize their investment.
• Potential for increased liquidity in OCDX shares post-offering.

Negative

• Shareholder dilution due to the sale of a significant number of shares.
• Market uncertainty as the company will not benefit financially from the offering.

RARITAN, N.J., Sept. 07, 2021 (GLOBE NEWSWIRE) -- Ortho Clinical Diagnostics Holdings plc (Nasdaq: OCDX) (the “Company”), one of the world’s largest pure-play in vitro diagnostics companies, today announced that one of its shareholders (the “Selling Shareholder”), an affiliate of The Carlyle Group, intends to offer for sale in an underwritten secondary offering 22,000,000 ordinary shares of the Company pursuant to a registration statement filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”). Additionally, the Selling Shareholder expects to grant the underwriters a 30-day option to purchase up to an additional 3,300,000 ordinary shares on the same terms and conditions.

The Company is not selling any ordinary shares in the offering, will not receive any of the proceeds from the offering, and will bear the costs associated with the sale of such ordinary shares by the Selling Shareholder, other than underwriting discounts and commissions.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as the joint book-running managers and as representatives of the underwriters for the offering.

A registration statement on Form S-1, including a preliminary prospectus, relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering of these securities may be made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering may be obtained by contacting Goldman Sachs & Co. LLC, Attention: Prospectus Department at 200 West Street, New York, NY 10282 or by telephone at 1-866-471-2526; or J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone: 1-866 803-9204.

About Ortho Clinical Diagnostics

Ortho Clinical Diagnostics Holdings plc (Nasdaq: OCDX) is one of the world’s largest pure-play in vitro diagnostics (IVD) companies dedicated to transforming patient care.

More than 800,000 patients across the world are impacted by Ortho’s tests each day. Because Every Test Is A Life™, Ortho provides hospitals, hospital networks, clinical laboratories and blood banks around the world with innovative technology and tools to ensure test results are fast, accurate and reliable. Ortho’s customized solutions enhance clinical outcomes, improve efficiency, overcome lab staffing challenges and reduce costs.

From launching the first product to determine Rh+ or Rh- blood type, developing the world’s first tests for the detection of antibodies against HIV and hepatitis C, introducing patented dry-slide technology, and marketing the first U.S. Food and Drug Administration-authorized high-volume antibody and antigen tests for COVID-19, Ortho has been a pioneering leader in the IVD space for over 80 years.

The company is powered by Ortho Care^® Service and Support, an award-winning, holistic program that ensures best-in-class technical, field, and remote service and inventory support to laboratories in more than 130 countries and territories around the globe.

Media Contact:
Ortho Media Relations
media@orthoclinicaldiagnostics.com

Investor Contact:
IR@orthoclinicaldiagnostics.com

FAQ

What is the purpose of the secondary offering by Ortho Clinical Diagnostics (OCDX)?

The secondary offering allows a Selling Shareholder to liquidate their investment without the company selling new shares or receiving any proceeds.

How many shares are being offered in the OCDX secondary offering?

A total of 22,000,000 ordinary shares are being offered, with an additional 3,300,000 shares available if the underwriters exercise their option.

What impact does the OCDX secondary offering have on shareholders?

The offering may lead to shareholder dilution as a large number of shares will be sold in the market.

Who are the underwriters for the OCDX share offering?

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as joint book-running managers.

When will the registration statement for the OCDX shares become effective?

The registration statement has been filed but has not yet become effective, meaning shares cannot be sold until it is approved by the SEC.