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Carlyle LBO Ortho Clinical Diagnostics sets terms for $1.5 billion IPO

January 19, 2021

Ortho Clinical Diagnostics, a Carlyle-backed global provider of in vitro diagnostic products, announced terms for its IPO on Tuesday.

The Raritan, NJ-based company plans to raise $1.5 billion by offering 70 million shares at a price range of $20 to $23. At the midpoint of the proposed range, Ortho Clinical Diagnostics would command a fully diluted market value of $4.9 billion.

Acquired by The Carlyle Group in 2014, Ortho Clinical Diagnostics is a pure-play in vitro diagnostics (IVD) business that provides diagnostic testing solutions to the clinical laboratory and transfusion medicine communities, impacting approximately 800,000 patients every day.

Ortho Clinical Diagnostics was founded in 1939 and booked $1.7 billion in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol OCDX. J.P. Morgan, BofA Securities, Goldman Sachs, Barclays, Morgan Stanley, Citi, Credit Suisse, UBS Investment Bank, Evercore ISI and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of January 25, 2021.