04:49 PM EDT, 06/03/2025 (MT Newswires) -- QuidelOrtho ( QDEL ) plans to acquire LEX Diagnostics for $100 million, subject to a Food and Drug Administration decision, and to discontinue its Savanna platform development in a shift of its molecular diagnostics strategy.

LEX Diagnostics plans to submit dual 510(k) and CLIA-waiver applications to the FDA in the coming days and expects to receive 510(k) clearance in late 2025 or early 2026, QuidelOrtho ( QDEL ) said Tuesday in a statement.

QuidelOrtho ( QDEL ) invested in LEX Diagnostics in December 2023, securing an exclusive option to acquire the company upon or shortly after 510(k) clearance.

The decision to discontinue the Savanna platform development follows the recent results of a RVP4X clinical trial, QuidelOrtho ( QDEL ) said.

The company maintained fiscal 2025 financial guidance from Feb. 12.

QuidelOrtho ( QDEL ) shares fell 1.8% in after-hours trading.