Inverness to Acquire Worldwide Immunoassay Business

Inverness Medical Innovations Inc. (Waltham, MA, USA) has agreed with Acon Laboratories, Inc. (San Diego, CA, USA), to acquire Acon's worldwide immunoassay business for U.S.$175 million.

Acon researches, develops, manufactures, markets, and sells lateral immunoassay products in Canada, Western Europe, Israel, Australia, Japan, and New Zealand. The company provides diagnostic kits for point-of-care and laboratory markets. The business had 2005 revenues and operating costs of approximately U.S.$50 million and U.S.$17 million, respectively. Included in the acquisition is a newly constructed manufacturing facility in Hangzhou, China.

Inverness Medical Innovations intends to continue the Acon business as a stand-alone sales unit, operating through existing distribution channels. Inverness develops diagnostic devices and is presently exploring opportunities for a variety of consumer-orientated applications, including immunodiagnostics, with a focus on women's health, cardiology, and infectious disease. Ron Zwanziger, CEO of Inverness, said that by acquiring the majority of the rapid diagnostic test business of Acon, "we are adding significant revenues at attractive margins as well as manufacturing capabilities that will benefit us companywide.”



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