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Inverness Medical Innovations, Inc. (IMA) Finalizes Acquisition of PanBio Limited (PBO.AX)



1/7/2008 7:42:22 AM

WALTHAM, Mass., Jan. 7 /PRNewswire-FirstCall/ -- Inverness Medical Innovations today announced that its previously announced acquisition of Panbio Ltd has been successfully completed. The transaction was finalized with Inverness acquiring all outstanding shares for a total value of approximately $37 million. Panbio, headquartered in Brisbane, Australia, develops and manufactures diagnostic tests for use in the diagnosis and management of a board range of infectious diseases. In particular, Panbio's leadership position in Dengue Fever diagnostics complements Inverness Medical's existing product portfolio for the rapid diagnosis of blood borne pathogens. Panbio also provides the Australian infrastructure required to support Inverness' plans for growth in the region.

About Inverness

By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life. A global leader in rapid point-of-care diagnostics, Inverness' products, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women's health. Inverness is headquartered in Waltham, Massachusetts.

For additional information on Inverness Medical Innovations, please visit www.invernessmedical.com.

For additional information on Panbio Ltd., please visit www.panbio.com.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws, including statements regarding potential synergies and benefits of the proposed business combination. These statements reflect the parties' current views with respect to future events and are based on their respective management's current assumptions and information currently available. Actual results may differ materially due to numerous factors including, without limitation, risks associated with market and economic conditions; Inverness' ability to integrate this and other acquisitions and to recognize expected benefits; Inverness' ability to continue to successfully develop and manufacture diagnostic testing products and to commercialize products; acceptance of Inverness and its products and services in the Australian region; Inverness ability to obtain and maintain regulatory approvals and clearances for its products and services in the Australian region and elsewhere and the risks and uncertainties described in Inverness' annual report on Form 10-K, as amended, for the year ended December 31, 2006, and other factors identified from time to time in its periodic filings with the Securities and Exchange Commission. Inverness undertakes no obligation to update any forward-looking statements contained herein.

CONTACT: Doug Guarino, Director of Corporate Relations, +1-781-647-3900

Web site: http://www.invernessmedical.com/


Read at BioSpace.com


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