WALTHAM, Mass., Oct. 3 -- Inverness Medical Innovations (AMEX:IMA) today announced that it has acquired Bio-Stat Healthcare Group, a distributor of both core laboratory and point of care diagnostic testing products to the UK market place, for approximately $33.4m. In addition Inverness will pay an earn out up to a maximum of approximately $14.6m based on Bio-Stat's 2007 results. Bio-Stat had revenues of approximately $29.5m in 2006 and has been operating profitably.
Commenting on the transaction, Ron Zwanziger CEO of Inverness said, "We are very pleased to add Bio-Stat to the family of Inverness companies. This acquisition significantly enhances our presence in the UK market."
David Horne, Managing Director of Bio-Stat says, "We at Bio-Stat are very excited about the acquisition. Our inclusion in the Inverness group will give us access to an even more impressive range of products and we will be able to offer improved services as well as continue to build on our reputation for outstanding customer satisfaction".
IDJ International acted as financial advisor and Allen & Overy LLP as legal counsel to Inverness. Grant Thornton UK LLP acted as financial advisor and Heatons LLP acted as legal counsel to Bio-Stat.
By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life. A global leader in rapid point-of-care diagnostics, Inverness' products, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women's health. Inverness is headquartered in Waltham, Massachusetts. For additional information on Inverness Medical Innovations, please visit www.invernessmedical.com. For additional information on the Bio-Stat Healthcare Group, please visit www.bio-stat.com.
Source: Inverness Medical Innovations
CONTACT: Investors, Doug Guarino, Director of Corporate Relations of Inverness Medical Innovations, +1-781-647-3900
Web site: www.invernessmedical.com/