Inverness Medical to acquire minority interest in TechLab

By Elaine Rigoli

Tampa, Fla., May 18 - Inverness Medical Innovations, Inc. announced that it will acquire 49% of the capital stock of TechLab, Inc. in exchange for 303,417 shares of Inverness common stock.

The transaction provides Inverness, whose Wampole subsidiary already distributes TechLab's products in the United States, with exclusive global distribution rights to TechLab's line of enteric disease-testing products, as well as future human medical diagnostic products, as Techlab's existing global distribution relationships lapse, according to a news release.

The agreement includes an option for Inverness to acquire any shares of TechLab offered for sale to third parties by the existing shareholders, the release said.

Based in Waltham, Mass., Inverness is a global developer of diagnostic devices.

TechLab, located in Blacksburg, Va., develops non-invasive intestinal diagnostics.

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