Inverness Medical Innovations Agrees to Acquire 'Second Territory' Rapid Diagnostics Busine...( WALTHAM Mass. March 19 /- Inverness M...),Health

WALTHAM, Mass., March 19 /PRNewswire-FirstCall/ -- Inverness Medical Innovations, Inc. (NYSE: IMA), a global leader in enabling individuals to take charge of their health at home through the merger of rapid diagnostics and health management, announced today that it has entered into a definitive agreement with ACON Laboratories, Inc. and certain affiliates to acquire ACON's world-wide business of researching, developing, manufacturing, marketing and selling lateral flow immunoassay diagnostic test kits for the consumer, point-of-care and laboratory markets. The acquired business includes tests sold within Inverness' focus areas of infectious disease, cardiology, drugs of abuse and women's health. In March 2006, Inverness acquired ACON's rapid diagnostics business for the United States, Canada, Europe (excluding Russia, the former Soviet Republics that are not part of the European Union and Turkey), Australia, Israel, Japan and New Zealand (the "First Territory"). As part of that transaction, Inverness and ACON entered into an agreement that provided that in the event certain financial performance and operating conditions were satisfied, Inverness would agree to buy and ACON would agree to sell ACON's rapid diagnostics business for the remainder of the world (the "Second Territory"). This "Second Territory" includes China, Asia Pacific, Latin America, South America, the Middle East, Africa, India, Pakistan, Russia and Eastern Europe.

ACON will retain its other worldwide in-vitro diagnostics businesses including diabetes, clinical chemistry and immunoassay products.

The acquisition is expected to close on or about April 30, 2009 and is subject to customary closing conditions.

The aggregate purchase price for the acquired business will approximate $200 million, subject to final determination of ACON financial resu
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