WALTHAM, Mass., Feb. 28, 2012 /PRNewswire/ -- Alere, Inc. (NYSE: ALR), a global leader in enabling individuals to take charge of their health through the merger of rapid diagnostics and health management, announced today that it has entered into a binding agreement to purchase eScreen, Inc., a leading technology firm that specializes in toxicology screening and employee health products and services.
The base purchase price is $270 million cash subject to a customary working capital adjustment and follow-on contingent consideration of up to an additional $70 million. The acquisition is expected to close within the next 45 days, but remains subject to customary closing conditions.
Headquartered in Overland Park, KS, with operations in Phoenix, AZ and sales and service offices in Richmond, VA and Calgary, Canada, eScreen deploys a class-leading automated platform and FDA-cleared reader for the collection, provision, management and reporting of regulated and non-regulated urine drug screens. The company also offers a growing portfolio of employee-related health testing products and services, and had revenues of approximately $120 million in 2011.
Commenting on the agreement, Ron Zwanziger, CEO of Alere said, "With the acquisition of eScreen, we not only further our capabilities in the global toxicology market, but also strongly position Alere to deliver a wide-range of diagnostics to U.S. and multi-national employers. The eScreen platform is foundational in our approach, as employers are increasingly shouldering the burden for the care of their workforce and are more directly dictating their health testing needs."
In a related statement, Dr. Murray Lappe, Founder and Chairman of the Board of eScreen, said, "We believe that this combination will greatly enhance our ability to realize our founding vision of improving the delivery, efficiency and effectiveness of employee health. Both companies share a history of success in diagnostics and toxicology, and together we are poised for growth through our plans to deploy new products on the eScreen platform."
By developing new capabilities in near-patient diagnosis, monitoring and health management, Alere enables individuals to take charge of improving their health and quality of life at home. Alere's global leading products and services, as well as its new product development efforts, focus on cardiology, women's health, infectious disease, oncology and toxicology. Alere is headquartered in Waltham, Massachusetts. For more information regarding Alere please visit www.alere.com.
SOURCE Alere Inc.