Inverness Medical Innovations, Inc. to Buy Australia's PanBio Limited for $37 Million
WALTHAM, Mass., Oct. 8 /PRNewswire-FirstCall/ -- Inverness Medical Innovations today announced that it has entered into a Scheme Implementation Agreement with Panbio Ltd, an Australian company traded on the Australian Securities Exchange, under which it is proposed that Inverness will acquire all of the issued shares in Panbio for AUD 0.65 cash per share. The proposed Scheme, which values the issued share capital of Panbio at approximately AUD 41 million, or approximately USD 37 million, is subject to approval by Panbio shareholders at a meeting expected to be held in December 2007 as well as various other conditions.
Panbio, an international diagnostics company headquartered in Brisbane, Australia, develops, manufactures and markets diagnostic tests, including tests used in the diagnosis of flaviviruses and other arthropod-borne viruses, to a worldwide customer base. In particular, Panbio's position in the dengue fever diagnostic market will help Inverness to achieve its goal of promoting personal health worldwide by responding to the recent spread of the disease throughout South America and elsewhere. Panbio's business and Inverness' existing Australian professional diagnostics business are based in Brisbane, Australia.
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.
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 consummate the acquisition which is subject to approval of Panbio's shareholders and other conditions to closing; 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; 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: Investors, Doug Guarino of Inverness Medical Innovations,
Director of Corporate Relations, +1-781-647-3900
Web site: http://www.invernessmedical.com//