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Biotech / Medical : Inverness Medical Innovation - IMA -- Ignore unavailable to you. Want to Upgrade?

To: Crossy who wrote (5)	1/28/2003 6:57:25 AM
From: Crossy	Read Replies (1) \| Respond to of 40

Inverness Medical Innovations, Inc. Agrees to Acquire Wampole Labs Unit From MedPointe Move Enhances Company's Intellectual Property and Position in Point-of-Care Market WALTHAM, Mass., Aug. 8 /PRNewswire-FirstCall/ -- Inverness Medical Innovations, Inc. (Amex: IMA - News), a leading provider of women's health and nutritional products and developer of advanced medical device technologies, announced today that it has signed a definitive agreement with MedPointe, Inc. to acquire that company's Wampole Laborotories unit, a leader in the US point-of-care medical diagnostics market. Wampole, which we expect will continue to generate revenues in excess of $40 million, has developed a profitable medical products presence through its ownership of a portfolio of intellectual property for point-of-care diagnostics in professional settings. Under the terms of the agreement Inverness will pay approximately $70 million in cash for Wampole utilizing both existing financial resources and additional borrowings, including convertible or similar borrowings which may be dilutive, the terms of which Inverness expects to finalize in the near future. The transaction is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. It is expected that the transaction will close later this quarter. The acquisition provides Inverness with significant intellectual property and enhanced capabilities in the US "point-of-care" market through Wampole's status as a leading distributor of a wide range of immunoassay-based and other diagnostic tests to hospitals, physicians and reference laboratories. Ron Zwanziger, CEO of Inverness Medical Innovations, stated, "We have now added another key strategic piece in our planned progression toward a preeminent position in the field of chronic disease management. This acquisition truly continues our transition toward expanded R&D efforts in order to continue with our goal of bringing innovative diagnostic products to market quicker. In our view, we now have a formidable presence in point-of-care diagnostics including a strong portfolio of intellectual property in point-of-care immunoassays." Inverness was advised in the current transaction by Covington Associates of Boston, Massachusetts.