Navigation Links
Inverness Medical Innovations to Acquire Kroll Laboratory Specialists, Inc.
Date:2/3/2010

WALTHAM, Mass., Feb. 3 /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 binding agreement with Kroll Inc., a subsidiary of Marsh and McLennan Companies, Inc. (NYSE: MMC) to purchase its Substance Abuse Testing division (Kroll Laboratory Specialists, Inc.), its business unit providing forensic quality substance abuse testing products and services across the United States. The purchase price is $110 million cash subject to a customary working capital adjustment.  The acquisition is expected to close in the first quarter of 2010 but remains subject to customary closing conditions.

Headquartered in Gretna, LA, Kroll Laboratory Specialists, Inc., operates two laboratories certified by the industry's benchmark, the U.S. Substance Abuse and Mental Health Services Administration (SAMHSA), in Gretna, LA and Richmond, VA and had revenues of approximately $40.2 million for the year ended December 31, 2008.  These locations service workplace, occupational health, third party administrator, criminal justice, government institutions, and other markets throughout the U.S.  Kroll Laboratory Specialists, Inc. has over 30 years of experience in the substance abuse testing industry. 

Commenting on the agreement, Ron Zwanziger, CEO of Inverness said, "We are very pleased to acquire Kroll Laboratory Specialists. The drugs of abuse testing market continues to demonstrate strong global growth potential, and we believe that this acquisition will deepen the range of products and services we offer the government, employers, health plans and healthcare professionals through our existing channels."

About Inverness Medical Innovations

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 more information on Inverness Medical Innovations visit www.invernessmedical.com .

Cautionary Note Regarding Forward-Looking Statements:

This press release may contain forward-looking statements within the meaning of the United States federal securities laws, including statements regarding potential benefits and other results or effects of the tender offer. These statements reflect Inverness' current views with respect to future events and are based on 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; the ability of the parties to satisfy the conditions to the proposed acquisition; Inverness' ability to integrate this and other acquisitions and to recognize expected benefits; the risks and uncertainties described in Inverness' annual report on Form 10-K 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.

SOURCE Inverness Medical Innovations, Inc.

RELATED LINKS
http://www.invernessmedical.com

'/>"/>

SOURCE Inverness Medical Innovations, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine news :

1. Inverness Completes Acquisition of Cholestech
2. Inverness Medical Innovations Acquires Bio-Stat Healthcare Group
3. Inverness Medical Innovations Acquires Alere Medical
4. Inverness Medical Innovations Announces Closing of Public Offering
5. Inverness Medical Innovations to Participate at 2007 RBC Healthcare Conference on December 12, 2007
6. Inverness Medical Innovations to Acquire Redwood Toxicology Laboratory
7. Inverness Medical Innovations Enters Into a Definitive Agreement to Acquire Matria Healthcare, Inc.
8. Inverness Medical Innovations to Present at 2008 UBS Global Healthcare Services Conference on February 13, 2008
9. Inverness Medical Innovations Schedules Conference Call for 10:00 a.m. ET February 20, 2008 to Discuss Fourth Quarter 2007 Results
10. Law Offices of Howard G. Smith Announces Investigation on Behalf of Current and Former Employees of Inverness Medical Innovations, Inc. Who Invested in the Inverness Medical Innovations, Inc. Employee Savings Plan
11. Correction: Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Inverness Medical Innovations, Inc.
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/27/2016)... ... 27, 2016 , ... More than a third of American adults are considered ... surgery has received increased attention in recent years, as an article published ... weight loss, most people are familiar with the basic requirements of maintaining a healthy ...
(Date:5/27/2016)... ... 27, 2016 , ... With over 60 percent of acute stroke survivors being ... product to aid in the rehabilitation process has steadily increased. Ekso Bionics had been ... hemiplegia due to stroke. , Ekso Bionics has now received clearance from the U.S. ...
(Date:5/27/2016)... NY (PRWEB) , ... May 27, 2016 , ... ... world, this installment is bolstered by inspiring human interest stories, courtesy of leaders ... developing trends and tech within the industry, from leading advocates and associations—namely Jones ...
(Date:5/26/2016)... , ... May 26, 2016 , ... There are many ... Dog and Sausage Council (NHDSC) suggests that Americans prefer their dogs straight off the ... percent say grilling is their favorite way to cook a hot dog, far outpacing ...
(Date:5/26/2016)... ... , ... Connor Sports, through its Connor Cares initiative, will continue ... Catchings Legacy Tour that will commemorate the Indiana Fever legend’s hall-of-fame career and ... forms and levels of the game, Connor Sports has committed to a significantly increased ...
Breaking Medicine News(10 mins):
(Date:5/25/2016)... , May 25, 2016  Zymo Research ... for their new reference materials that help researchers ... sample collection to analyses. The rapid growth of ... for researchers to have standard methods to improve ... generated. Biases inherently exist at every step of ...
(Date:5/25/2016)... May 25, 2016  Granger Diagnostics today announced immediate ... wounds and infections. This test ensures discovery of ... viruses. The test requires only a simple swab of ... David G. Bostwick , MD, Chief Medical ... wound healing: "We are excited to make available, ...
(Date:5/25/2016)... PUNE, India , May 25, 2016 /PRNewswire/ ... Pipeline Review, H1 2016"market research report that provides ... complete with comparative analysis at various stages, therapeutics ... route of administration (RoA) and molecule type, along ... releases. It also reviews key players involved in ...
Breaking Medicine Technology: