Inverness to Acquire Applied Biotech from Apogent

By HospiMedica staff writers
Posted on 19 Aug 2003

In a move to improve the company's position in point-of-care diagnostics, Inverness Medical Innovations, Inc. (Waltham, MA, USA) will acquire Applied Biotech, Inc. (San Diego, CA, USA) from Apogent Technologies, Inc. (Portsmouth, NH).

Under the terms of the agreement, Inverness will acquire all of the stock of Applied Biotech in exchange for 692,506 shares of its common stock and additional consideration of either a payment of US$13.4 million in cash or a payment of $5 million in cash and a one-year $8.4 million subordinated promissory note. Applied Biotech develops, manufactures, and markets rapid diagnostic products in the area of women's health, infectious diseases, and drugs of abuse. Inverness is a provider of women's health products and other consumer and point-of-care health products.

"The addition of Applied Biotech is a continuation of our efforts towards establishing a preeminent position in the field of point-of-care diagnostics,” said Ron Zwanziger, CEO of Inverness Medical Innovations. "We expect to benefit from product and distribution synergies with our Wampole business and, post-integration, the acquisition is likely to be accretive to earnings.”

Related Links:
Inverness
Applied Biotech
Apogent