OraSure Technologies (OSUR) Acquires Sherlock Biosciences

OraSure Technologies, Inc. (“OTI”) (NASDAQ: OSUR), a leader in point-of-need and home diagnostic tests and sample management solutions, today announced the acquisition of Sherlock Biosciences, Inc., a global health company bringing next-generation diagnostics to consumers and healthcare providers.

This acquisition expands OraSure’s innovation pipeline with the addition of Sherlock’s molecular diagnostics platform, which is able to provide rapid results with strong sensitivity and specificity in a disposable format that is well-suited for over-the-counter usage. Sherlock’s first molecular self-test is for Chlamydia Trachomatis (CT) and Neisseria Gonorrhoeae (NG) which will expand OraSure’s portfolio of rapid diagnostics for sexually transmitted infections (STIs), subject to regulatory approvals. Test results are expected to be provided in under 30 minutes by analyzing DNA and RNA from self-collected swabs using isothermal amplification. In addition, Sherlock has been developing a pipeline of other molecular tests, along with several next-generation technology platforms, including Ambient Temperature Amplification and CRISPR-based technologies that have the potential to further reduce costs and improve performance of its platforms.

Sherlock’s CT/NG self-test is in clinical studies and is expected to be submitted to the FDA by the end of 2025 for review. Subject to regulatory approvals, revenue from Sherlock’s CT/NG test is expected to contribute to OTI’s growth beginning in 2026, benefitting from OraSure’s existing infrastructure, commercial capabilities, and strong customer relationships.

OTI estimates that testing for CT/NG represents a total addressable market of more than $1.5 billion. The vast majority of CT/NG tests in the U.S. are processed in a centralized lab, and the introduction of an affordable, rapid self-test has the potential to drive significant incremental market expansion. Additionally, public health channels play a key role in STI screening, which is an area where OraSure has a strong presence.

“The acquisition of Sherlock represents the next step in OTI’s innovation strategy,” said Carrie Eglinton Manner, President and CEO of OraSure. “Sherlock brings valuable capabilities with an advanced molecular platform that aims to deliver lab-like accuracy in a format that expands access to diagnostic insights through convenient, effortless tests. We are excited to welcome Sherlock’s talented team to OTI and believe that Sherlock’s unique capabilities will contribute significantly to the expansion of our pipeline of diagnostic tests in infectious disease, sexual health, and beyond.”

Conference Call Information
OraSure will host a conference call to discuss the acquisition of Sherlock Biosciences at 5:00 p.m. ET on Thursday, Dec. 19, 2024. A webcast of the conference call will be available on the investor relations page of OraSure’s website at https://orasure.gcs-web.com/events-and-presentations. Please click on the webcast link and follow the prompts for registration and access at least 10 minutes prior to the call. The webcast will be archived on OraSure’s website shortly after the call has ended and will be available for approximately 90 days.

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