Inverness Medical Innovations to Acquire Redwood Toxicology ...( WALTHAM Mass. Dec. 20 /- Invernes...),Health
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Inverness Medical Innovations to Acquire Redwood Toxicology Laboratory
Date:12/20/2007
WALTHAM, Mass., Dec. 20 /PRNewswire-FirstCall/ -- Inverness Medical Innovations, Inc. (Amex: IMA) a leading manufacturer and marketer of rapid diagnostic products for the consumer and professional markets, today announced that it will acquire all of the capital stock of Redwood Toxicology Laboratory, a privately held drugs of abuse diagnostics and testing company, for $99,000,000 in cash. Redwood, headquartered in Santa Rosa, California primarily distributes rapid drugs of abuse diagnostic products that are used in the workplace, criminal justice and other testing markets as well as operating a toxicology laboratory used for drugs of abuse testing and test confirmations. Redwood's 2007 revenues for the twelve months ended September 30, 2007 were approximately $44 million and it is operating profitably. Redwood was a portfolio company of American Capital Strategies Limited (Nasdaq: ACAS).
Commenting on the agreement, Ron Zwanziger, CEO of Inverness said, "We are very pleased to acquire Redwood, the largest single distributor of Inverness' drugs of abuse testing products. The drugs of abuse testing market has exhibited rapid rates of growth and we believe this area continues to have strong potential. In addition, the availability of a confirmation testing service will further help in the growth of the FirstCheck home drug testing business which we acquired earlier this year"
Commenting on the agreement, Robert Mount, CEO of Redwood said.
"Redwood has been a partner of Inverness for quite some time. Our soli
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| SOURCE Inverness Medical Innovations, Inc. Copyright©2007 PR Newswire. All rights reserved |
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