Healthcare Industry News: Inverness Medical Innovations
News Release - October 3, 2007
Inverness Medical Innovations Acquires Bio-Stat Healthcare GroupWALTHAM, Mass., Oct. 3 (HSMN NewsFeed) -- 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.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, including statements regarding potential synergies and benefits of the proposed business combination. These statements reflect the parties' current views with respect to future events and are based on their respective management's current assumptions and information currently available. Actual results may differ materially due to numerous factors including, without limitation, risks associated with market and economic conditions; Inverness' ability to integrate this and other acquisitions and to recognize expected benefits; Inverness' ability to continue to successfully develop and manufacture diagnostic testing products and to commercialize products; and the risks and uncertainties described in Inverness' annual report on Form 10-K, as amended, for the year ended December 31, 2006, and other factors identified from time to time in its periodic filings with the Securities and Exchange Commission. Inverness undertakes no obligation to update any forward-looking statements contained herein.
Source: Inverness Medical Innovations
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