Thermo Biostar Sold to Inverness Medical
Inverness Medical Innovations, Inc. a leading manufacturer and marketer of consumer and professional medical diagnostic products and developer of advanced medical devices, has entered into a stock purchase agreement with Thermo Electron Corporation to acquire Thermo BioStar, Inc.
BioStar is a leader in the development, manufacture and commercialization of high-performance, rapid diagnostic tests, including tests for the detection of infectious diseases. Under the terms of the stock purchase agreement, Inverness will acquire all of the stock of BioStar for $52,500,000 in cash at the closing of the acquisition. The closing of the acquisition is subject to Inverness obtaining the consent of its lenders, and to other ordinary and customary closing conditions. The acquisition is expected to close on or about September 30, 2005.
BioStar had 2004 revenues of approximately $29.7 million and first half 2005 revenues of approximately $18.5 million, and has been operating profitably.
Source: Inverness Medical Innovations, Inc View latest company information
Posted: September 19, 2005
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