WALTHAM, Mass., Oct. 8 /-- Inverness Medical Innovations (AMEX:IMA) today announced that it has entered into a Scheme Implementation Agreement with Panbio Ltd, an Australian company traded on the Australian Securities Exchange, under which it is proposed that Inverness will acquire all of the issued shares in Panbio for AUD 0.65 cash per share. The proposed Scheme, which values the issued share capital of Panbio at approximately AUD 41 million, or approximately USD 37 million, is subject to approval by Panbio shareholders at a meeting expected to be held in December 2007 as well as various other conditions.
Panbio, an international diagnostics company headquartered in Brisbane, Australia, develops, manufactures and markets diagnostic tests, including tests used in the diagnosis of flaviviruses and other arthropod-borne viruses, to a worldwide customer base. In particular, Panbio's position in the dengue fever diagnostic market will help Inverness to achieve its goal of promoting personal health worldwide by responding to the recent spread of the disease throughout South America and elsewhere. Panbio's business and Inverness' existing Australian professional diagnostics business are based in Brisbane, Australia.
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.
FCMN Contact: firstname.lastname@example.org
Source: Inverness Medical Innovations
CONTACT: Investors, Doug Guarino of Inverness Medical Innovations, Director of Corporate Relations, +1-781-647-3900
Web site: www.invernessmedical.com/