Inverness Medical Innovations
This article was originally published in The Gray Sheet
Executive Summary
Firm acquires 75% of the capital stock of privately held diagnostics company Instant Technologies for $43.7 million. Instant Technologies, which distributes rapid drug-of-abuse diagnostics, reported roughly $23 million in 2006 revenue. The deal represents Inverness' second acquisition of a drugs-of-abuse testing firm, having bought First Check Diagnostics for $25 million in February (1"The Gray Sheet" Feb. 12, 2007, In Brief). Inverness, which manufactures in vitro diagnostics including over-the-counter pregnancy and fertility/ovulation tests, says that it is "presently exploring new opportunities ... in a variety of professional diagnostic and consumer-oriented applications" (2"The Gray Sheet" Feb. 5, 2007, p. 17)...