WALTHAM, Mass., Nov. 26 /PRNewswire-FirstCall/ -- Inverness Medical Innovations, Inc. today announced that it has entered into a definitive agreement to acquire ParadigmHealth, Inc. ParadigmHealth, headquartered in New Jersey, is a leading provider and integrator of care and disease management services for acutely ill and clinically complex patients, including neonatal intensive care and oncology patients.
Commenting on the agreement, Ron Zwanziger, CEO of Inverness stated: “The acquisition of ParadigmHealth is a significant step in our strategy to become a leader in disease and health management services. When combined with our prior acquisitions of QAS and Alere, ParadigmHealth will contribute to our goal of enabling individuals to manage their health effectively.”
John Penrose, CEO of ParadigmHealth, added, “We’re very pleased to be joining the Inverness family of companies because our objectives are the same: to help patients, their families, and their physicians make better health choices and to improve care by providing information, coaching support, and advanced technologies. Our focus on the high acuity complex patient and our decision support technology will be a perfect complement to the products and services of Inverness and its new subsidiary Alere.”
The transaction is structured as an all cash deal, with a purchase price of approximately $230 million. The company is operating profitably and the past twelve months revenues were approximately $60 million. Closing is conditioned on clearance under the Hart-Scott Rodino Act, approval by ParadigmHealth’s stockholders, and other customary closing conditions.
Inverness was represented by Goodwin, Procter and advised by Covington Associates, LLC; ParadigmHealth was represented by Orrick, Herrington and advised by UBS Securities LLC.
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.
About Paradigm
ParadigmHealth is a provider and integrator of care and disease management services for health plans and employers. The company’s care management services and innovative technologies work in concert to improve quality and lower costs by matching the appropriate information and intervention with the individual needs of patients and families. ParadigmHealth’s services focus on the management of premature and medically complex neonates and patients with late-stage cancer, end-of-life care issues, multiple co-morbidities, and severe trauma. For additional information on ParadigmHealth, please visit www.paradigmhealth.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, the risk that all closing conditions, including approval of the acquisition by Paradigm’s stockholders, are not fulfilled; risks associated with market and economic conditions; competition; Inverness’ ability to integrate this and other acquisitions and to realize expected benefits; Inverness’ ability to manage a growing disease management business which is a new business for Inverness; 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, Director of Corporate Relations of
Inverness Medical Innovations, +1-781-647-3900; Ferdinand Schmitz, CFO of
Paradigm, +1-201-512-7228
Web site: http://www.invernessmedical.com/
http://www.paradigmhealth.com/
