WALTHAM, Mass., Nov. 19 /PRNewswire-FirstCall/ -- Inverness Medical Innovations, Inc. today announced the completion of its acquisition of Alere Medical, Inc. at a purchase price of $302 million, comprising approximately $128 million in cash and $174 million in Inverness common stock and assumed options. Alere, headquartered in Reno, Nevada, provides health and care management services and programs to healthcare organizations in helping patients with chronic illnesses manage their conditions.
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 contains forward-looking statements within the meaning of the federal securities laws, including statements regarding potential synergies and benefits of the proposed business combination and potential market growth. These statements reflect Inverness' current views with respect to future events and are based on Inverness' 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; competition; Inverness' ability to integrate this and other acquisitions and to realize 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: Doug Guarino, Director of Corporate Relations of Inverness
Medical Innovations, +1-781-647-3900, or Joe Cummings, Manager of Marketing
and Communications of Alere Medical, Inc., +1-775-336-1146
Web site: http://www.invernessmedical.com/