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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (641)	5/31/2005 9:25:18 AM
From: richardred	Respond to of 7254

Small one in diagnostic testing. An area I'm following closely. Inverness and QDEL settled their litigation at the end of April. Inverness Medical Innovations Acquires Rapid Diagnostics from Abbott Tuesday May 31, 8:30 am ET WALTHAM, Mass., May 31 /PRNewswire-FirstCall/ -- Inverness Medical Innovations (Amex: IMA - News) announced today that Inverness will acquire the Determine®/DainaScreen® assets of Abbott's rapid diagnostics business, which provide rapid qualitative results for detecting several diseases, including hepatitis, HIV and syphilis. Under the terms of the agreement, which is anticipated to close by June 30th, Inverness will acquire assets related to the Determine/DainaScreen rapid diagnostics for $56.5 million. The assets include manufacturing equipment, and certain transferred and licensed intellectual property related to the products. The business represented by Determine/DainaScreen generated historical revenues of approximately $23 million in 2004 and is anticipated to be accretive in 2006 and beyond. "This acquisition allows Inverness to enhance its professional diagnostics product line with the addition of the premiere rapid HIV test worldwide," said Ron Zwanziger, chairman, president and CEO, Inverness. "It also provides Inverness with a viable platform on which we can solidify our commitment to the Japanese market." Abbott will continue to distribute the Determine products, which are marketed outside of the United States, for up to 32 months and will receive a sales commission on net sales. Under a long term supply arrangement Inverness will sell product to Abbott which will allow Abbott to continue to distribute the Determine HIV 1/2 rapid test at no profit to Abbott through the Abbott Access to HIV Care program in 69 countries, including all of Africa and the Least Developed Countries. Abbott also will continue to donate Determine HIV tests purchased from Inverness to programs that address mother-to-child transmission of HIV in the same countries. Inverness Medical Innovations is a leading global developer of advanced diagnostic devices and is presently exploring new opportunities for its proprietary electrochemical and other technologies in a variety of professional diagnostic and consumer-oriented applications including immuno- diagnostics with a focus on women's health, cardiology and infectious disease. The Company's new product development efforts, as well as its position as a leading supplier of consumer pregnancy and fertility/ovulation tests and rapid point-of-care diagnostics, are supported by the strength of its intellectual property portfolio. Inverness is headquartered in Waltham, Massachusetts. For more information about Inverness Medical Innovations, please visit our website at invernessmedical.com. This press release may contain forward-looking statements within the meaning of the federal securities laws. These statements reflect Inverness' current views with respect to future events and are based on management's current assumptions and information currently available. Actual results may differ materially due to numerous factors, including without limitation, Inverness success in integrating the operations and products of acquired companies, including Determine/DainaScreen rapid diagnostic products business to be acquired from Abbott, into its existing operations and other risks generally associated with such transactions; the demand for Inverness' products, including the acquired products; the intensely competitive environment in its markets; its ability to successfully develop and commercialize products and the risks and uncertainties described in its periodic reports filed with the Securities and Exchange Commission under the federal securities laws, including its periodic report on Form 10-Q for the period ended March 31, 2005. Inverness undertakes no obligation to update any forward-looking statements contained herein. biz.yahoo.com