Tuesday's sale of Diagnostic Hybrids, a local company backed by Ohio University, will send at least $35 million to the university's foundation - the second windfall for the fundraising organization in less than a week.
Monday, OU announced a 1938 alumnus would donate more than $13.3 million for the establishment of an arts center.
OU will receive at least $35 million from the sale of Diagnostic Hybrids, a privately-owned company recently purchased by the California-based Quidel Corp. In 1983, the Ohio University Foundation invested $1 million into the university-grown company.
Quidel will buy out all investors in Diagnostic Hybrids, including the 32 percent owned by the foundation.
Quidel, which provides medical health supplies to health clinics and research centers, bought Diagnostic Hybrids for its expertise in antibody development and cell cultures, according to a Quidel news release.
The important thing (to remember) is that we have not received the money yet
said Jennifer Bowie, director of development in University Advancement. It depends on the sale of Diagnostic Hybrids to Quidel Corp.
The merger will be complete by the end of the first quarter of 2010. OU estimates it will receive between $35 million and $41 million, based on stock value at the time of purchase.
These resources will be reinvested in the academic mission of Ohio University supporting our faculty and students said Howard Lipman, foundation CEO and vice president for University Advancement.
Dr. Wilfred R. Konneker, a founder of Diagnostic Hybrids, will direct some of the money to the Cutler Scholars Program and the Kennedy Museum of Art, according to an OU news release. University Advancement is not sure how much money will go to either program.
Konneker, a former national trustee, donated $5 million to the Cutler Scholars program in 1998. OU's alumni center bears his name.
The $35 million from Diagnostic Hybrids will send University Advancement well over its $20 million fundraising goal for the fiscal year, which ends in June.
I can tell you that we are (currently) at about $18 million of $20 million a year goal
said Bowie. We are more than halfway there and it's only January ... We have made very strong progress.
1
News
Olivia Arbogast
