Wilfred Konneker attended Ohio University in the 1940s and was an early pioneer in nuclear physics before founding several companies and becoming one of the university’s financial benefactors. He’s come through again — big time. Diagnostic Hybrids, a company Konneker helped found in 1983 with two OU professors and the financial backing of the university foundation, was sold to a California company for $130 million. The foundation’s cut could total almost $41 million, according to OU officials. About $10 million of the foundation’s share represents the value of stock that Konneker donated after the company was started. Diagnostic Hybrids develops and manufactures lab-testing kits to quickly screen for viral infections, such as herpes and H1N1. The purchasing firm, Quidel Corp., is a leading provider of similar diagnostic tests that can be administered in doctors’ offices. The purchase is an all-cash deal.
Konneker founded Diagnostic Hybrids with former OU professors Joseph Jollick and Thomas E. Wagner. The foundation invested $1 million, or about $2.17 million in inflation-adjusted 2009 dollars. “There are faster ways to make money for a university through tech transfer than investing in start-ups, such as licensing technology to companies around the world,” says OU chancellor Eric D. Fingerhut. “But there is only one way to create jobs in Ohio, and that’s what OU is doing. This is a model we are following across the state.”
Source: The Columbus Dispatch