Inverness acquisition
This article was originally published in The Tan Sheet
Executive Summary
Inverness Medical Innovations announces Feb. 5 it has acquired substantially all the assets of First Check Diagnostics for approximately $25 mil. in cash. First Check is the "market leader" of home testing for drugs of abuse, including marijuana, cocaine, methamphetamines and opiates, according to the press release. Waltham, Mass.-based Inverness will pay "an earn out to First Check equal to the incremental growth of the acquired products for 2007 and for the first nine months of 2008." Recently, Inverness entered into a joint venture with Procter & Gamble to develop, market and sell existing and future consumer diagnostic products (1"The Tan Sheet" Jan. 1, 2007, p. 10)...