Inverness acquires two diagnostic device companies

By E. Janene Geiss

Philadelphia, Oct. 3 - Inverness Medical Innovations, Inc. announced Monday that it acquired two companies in a move it said would better its position in developing, manufacturing and distributing diagnostic products.

Inverness on Friday acquired Louisville, Colo.-based Thermo BioStar, Inc. from Thermo Electron Corp., for $52.5 million in cash. BioStar develops and manufactures rapid diagnostic tests, including tests to detect infectious disease.

Also on Friday, Inverness acquired Innogenetics Diagnostica Terapeutica, SAU, a Spanish distributor of diagnostic products, from Innogenetics NV for about $11.8 million with a working capital adjustment payment estimated at about $7.2 million to be paid during the fourth quarter. Innogenetics Diagnostica Terapeutica, which will operate under the name Inverness Medical Iberica, had 2004 revenues of about $15 million and will provide Inverness with strong sales and marketing capability, the company said.

Waltham, Mass.-based Inverness, a manufacturer of consumer, professional and advanced medical diagnostic devices, financed both acquisitions using its existing revolving credit facilities, increasing total capacity of those facilities to $100 million from $80 million.

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