Inverness Buys Rapid Tests from Abbott for $92.5 Million
By HospiMedica staff writers
Posted on 20 Oct 2003
The acquisition of certain rapid tests and intellectual property, excluding the Determine products, from Abbott Laboratories (Abbot Park, IL, USA) for about US$92.5 million in cash and stock has been announced by Inverness Medical Innovations, Inc. (Waltham, MA, USA). Posted on 20 Oct 2003
Under the agreement between the two companies, Inverness has acquired assets related to the Fact plus pregnancy test and the Abbott TestPack, TestPack plus, and Signify lines of rapid diagnostics for testing strep throat, pregnancy, and drugs of abuse. The assets also include certain transferred and licensed intellectual property related to the products. Abbott will provide transitional service, including limited manufacturing, for up to 18 months. Also, Abbott will retain exclusive distribution rights for TestPack and Signify in the United States except in physician office laboratories currently served by PSS World Medical. Inverness will assume worldwide distribution of the Fact plus test.
The acquisition is a continuation of the efforts of Inverness to expand in the field of rapid diagnostics, the company stated. "We expect to benefit from product and distribution synergies with our current rapid diagnostic business,” said Ron Zwanziger, CEO of Inverness Medical Innovations.
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