By Sheri Kasprzak
New York, Aug. 21 - Inverness Medical Innovations, Inc. is gearing up to wrap a $151.25 million private placement.
The company agreed to sell 5 million shares at $30.25 each to 17 institutional investors. The price per share represents an 11% discount to the company's $33.98 closing price on Aug. 18.
The offering is slated to close by the end of this week.
Proceeds will be used for debt repayment and future acquisitions.
Based in Waltham, Mass., Inverness develops in vitro diagnostic products and technologies to diagnose heart disease, infectious disease and women's health issues.
| Issuer: | Inverness Medical Innovations, Inc.
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| Issue: | Stock
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| Amount: | $151.25 million
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| Shares: | 5 million
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| Price: | $30.25
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| Warrants: | No
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| Announcement date: | Aug. 21
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| Stock symbol: | Amex: IMA
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| Stock price: | $33.98 at close Aug. 18
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