Navigation Links
Inverness Medical Innovations Proposes to Acquire Concateno plc

WALTHAM, Mass., June 5 /PRNewswire-FirstCall/ -- Inverness Medical Innovations (NYSE: IMA) and Concateno plc today announced that they have reached agreement on a proposal for Inverness to acquire all of Concateno's outstanding share capital. Concateno, located in London, England, is a leading European supplier of drugs of abuse testing products and services with 2008 revenues of approximately 47.5 million pounds Sterling (or approximately $76 million). Concateno is quoted on the AIM market of the London Stock Exchange.

The acquisition is expected to be implemented by way of a court-approved scheme of arrangement under Part 26 of the United Kingdom Companies Act 2006. The scheme of arrangement is subject to approval by the shareholders of Concateno and sanction of the High Court of Justice in England and Wales as well as other customary conditions. If approved the acquisition would be expected to become effective during the third quarter of 2009.

Under the proposed terms of the acquisition, each holder of Concateno shares will receive, for each Concateno share, 79 pence in cash and 0.02 shares of Inverness' common stock, based on Inverness' closing price per common share on the New York Stock Exchange on June 4, 2009 of $34.00 and applying an exchange rate of 1.00 pound:$1.61, for a total implied value per Concateno share of 121.24 pence. Based on information supplied by Concateno, there are approximately 103.2 million Concateno shares currently issued and outstanding after consideration of certain shares which will be repurchased by Concateno for nominal consideration and cancelled as a result of the transaction.

In the event that, as a result of changes in Inverness' stock price and exchange rates, the value of the total consideration payable per Concateno share is less than 120 pence, Inverness will be obliged to provide further consideration to Concateno shareholders such that the overall value of the consideration per Concateno share is 120 pence. Any such additional consideration will consist of up to 1 million pounds cash plus up to 500,000 additional shares of common stock or, at its option, the cash equivalent thereof. In the event that the cash consideration of up to 1 million pounds is not needed to increase the overall consideration to 120 pence, the unused portion will be paid to certain key managers of Concateno.

Commenting on the proposed transaction, Ron Zwanziger, CEO of Inverness said, "Concateno's unique position in the European point of care, drugs of abuse testing market is a perfect complement to our existing drugs of abuse business, which operates primarily in the United States. There is also very little product overlap because we already supply Concateno with many of its visually-read drugs of abuse tests while Concateno manufactures meter-read products through its Cozart subsidiary."

Keith Tozzi, Chairman of Concateno added, "By successfully executing an acquisition based growth strategy, Concateno has become an important player in the European drugs of abuse testing business, offering its wide customer base a complete range of testing solutions. We believe that Inverness' proposal reflects the growth potential of the business, and that under Inverness' ownership, Concateno can expand to take further advantage of a range of attractive international opportunities."

Inverness is represented by Wragge & Co LLP in London and Foley Hoag LLP in Boston. Inverness also retained IDJ International as financial advisor. Concateno is represented by DLA in London and has retained Collins Stewart and UBS Investment Bank as its financial advisors.

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. Inverness' global leading products and services, 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 more information about Inverness Medical Innovations, please visit our website at

For additional information on Concateno, please visit

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws, including statements regarding potential synergies and benefits of the proposed business combination. These statements reflect the parties' current views with respect to future events and are based on their respective 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; Inverness' ability to integrate this and other acquisitions and to recognize 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, 2008, 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.

SOURCE Inverness Medical Innovations
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Inverness Medical Innovations Declares Dividend on its Series B Convertible Perpetual Preferred Stock
2. Inverness Medical Innovations to Present at the Deutsche Bank 34th Annual Health Care Conference on May 19, 2009
3. Inverness Medical Innovations to Present at the Bank of America and Merrill Lynch 2009 Health Care Conference on May 12, 2009
4. Inverness Medical Innovations, Inc. Announces Offering of $200 Million of Senior Subordinated Notes
5. Inverness Medical Innovations Announces First Quarter 2009 Results
6. Inverness Medical Innovations Schedules Conference Call for 10:00 a.m. ET April 27, 2009 to Discuss First Quarter 2009 Results
7. Inverness Medical Innovations to Participate at Goldman Sachs Leveraged Finance Healthcare Conference on April 8, 2009
8. Eli Y. Adashi, MD, MS, FACOG, Joins Inverness Medical Innovations Board of Directors
9. Inverness Medical Innovations Launches New FDA Cleared C. DIFF QUIK CHEK COMPLETE(TM) Rapid Test
10. Inverness Medical Innovations to Pay April Series B Dividend in Additional Shares of Series B Stock
11. Inverness Medical Innovations Agrees to Acquire Second Territory Rapid Diagnostics Business of ACON
Post Your Comments:
(Date:10/13/2015)... ... , ... Sir Grout of Greater Boston donated an expansive, seven room ... House Charities® (RMHC®). This donation was made in an effort to give back to ... inception. , “We believe strongly in the Ronald McDonald House Charities, and they are ...
(Date:10/13/2015)... (PRWEB) , ... October 13, 2015 , ... ... its newest technology platform, ENGAGE, at HIMSS’s Patient Engagement Summit . HealthAware ... , ENGAGE delivers innovative health programs and interventions via mobile devices that provide ...
(Date:10/13/2015)... ... October 13, 2015 , ... Element ... products, introduced a new company, RightSensor™ LLC, an Internet of Things (IoT) hardware ... RightSensor™ provides a fully-managed approach for customers requiring sensor hardware for critical data ...
(Date:10/13/2015)... ... , ... NavaFit Inc. today announced the launch of its NavaFit app for ... local fitness & sporting events, and stay motivated. Users can download the ... us to get more serious about fitness and wellness, individuals are constantly looking for ...
(Date:10/13/2015)... , ... October 13, 2015 ... ... Omega-3, a first-of-its kind product that targets the unique health needs of ... of the American Pregnancy Association ( ), utilizes Nordic Naturals’ exclusive, ...
Breaking Medicine News(10 mins):
(Date:10/13/2015)... , Oct. 13, 2015  A minimally-invasive treatment just ... the United States.  After more than 10 years of ... 9 approved the use of High Intensity Focused Ultrasound ... cells while protecting surrounding tissue and minimizing chances for ... George Suarez , a pioneering Miami ...
(Date:10/13/2015)... N.J. , Oct. 13, 2015  ContraVir ... the "Company"), a biopharmaceutical company focused on the ... announced the closing of its previously announced underwritten ... stock and warrants to purchase up to 3,000,000 ... fixed combined price to the public of $3.00. ...
(Date:10/13/2015)... , Oct. 13, 2015  Measurement in accountable ... and balancing financial incentives, but gaps in measurement ... care and health systems. A new, peer-reviewed ... Managed Care explores measurement gaps for ... sets. --> --> ...
Breaking Medicine Technology: