Inverness Medical to Acquire Binax

In a move to expand the company's technology base, Inverness Medical Innovations, Inc. (Waltham, MA, USA) has agreed to acquire Binax, Inc. (Portland, ME, USA).

Under the terms of the agreement, Inverness will acquire all of the stock of Binax in exchange for 1.4 million shares of its common stock and additional consideration of U.S.$8.6 million in cash at closing. The agreement also provides for additional consideration to Binax shareholders of up to $11 million in cash contingent upon Binax meeting certain new-product development objectives over five years.

Inverness is a leading global supplier of advanced diagnostic devices and is exploring new opportunities for its proprietary electrochemical and other technologies in a variety of applications, including immuno-diagnostics with a focus on women's health, cardiology, and infectious disease. "We expect to benefit from Binax's established reputation in respiratory diagnostics, and we are excited about the potential new-product development opportunities,” said Ron Zwanziger, CEO of Inverness Medical.

Binax is developing rapid diagnostic kits for the identification of pathogens causing infectious diseases. "By leveraging our combined resources and expertise, we expect to be able to improve our ability to deliver significant and innovative new products to point-of-care diagnostic markets,” remarked Roger Piasio, CEO of Binax.





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