Inverness Medical Innovations to acquire Hemosense
9 August 2007
Inverness Medical Innovations, Inc. (AMEX:IMA) is to
acquire point- of-care diagnostics supplier HemoSense, Inc. (AMEX:HEM) in an
all stock deal. HemoSense manufactures and sells handheld blood coagulation
systems for monitoring patients taking warfarin. Inverness manufacturers and
markets diagnostic products for the laboratory, professional, and consumer
Each holder of a share of HemoSense common stock will
receive 0.274192 shares of Inverness common stock in the transaction, which
represents a 37.5% premium on recent share prices.
The Inverness share price reached a multi-year peak in June and has
generally dropped since, finishing at 46.36 on 7 August. The company
recently announced a loss of $54.5m for the second quarter of 2007,
attributed largely to the recent acquisition of Biosite. In 2006 and this
year it has carried out a spate of acquisitions, including Med-Ox, Instant
Technologies, Promesan, Orange Medical, and QAS.
"With the acquisition of
HemoSense, Inverness takes another step in our strategy of providing
diagnostic testing to hospitals, physicians' offices, and the home for
patient self testing," said Ron Zwanziger, Chairman and CEO of Inverness.
"HemoSense is a particularly good fit with Biosite and QAS, which we have
recently acquired. As healthcare moves closer to personal responsibility,
Inverness is and will remain at the forefront with the materials and methods
that allow individuals to take better control of their health."
Merselis, CEO of HemoSense stated, "This deal presents a unique opportunity
for HemoSense to expand its growth as a part of Inverness. We are excited
about the prospect of combining our capabilities with Inverness'
demonstrated commitment to the field of cardiology, and we expect to make a
significant impact together."
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