Innogenetics sells affiliate to Inverness Medical for €15.5 million

By Jennifer Chiou

New York, Sept. 29 - Innogenetics announced it sold its Spanish affiliate IDT to Inverness Medical Innovations for €15.5 million.

The sale does not include Innogenetics' own-labeled products.

The company said it distributes €8 million worth of non-Innogenetics products annually and more than €3 million of its own-labeled diagnostic tests on the Spanish market.

Based in Gent, Belgium, Innogenetics is a biopharmaceutical company focused on infectious diseases, genetic testing and neurodegeneration.

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