Inverness partners with P&G
This article was originally published in The Gray Sheet
Procter & Gamble will pay $325 million to create a 50/50 joint venture with Waltham, Mass.-based Inverness Medical Innovations, the firms announce Dec. 27. The agreement calls for Inverness to develop and manufacture its over-the-counter pregnancy, fertility and ovulation test kits, including Clearblue, Fact Plus, Accu-Clear, Clearplan and Persona, and for the Cincinnati consumer products conglomerate to market, sell and distribute existing and future diagnostic products. Inverness' cardiology, diabetes and professional point of care diagnostic businesses are excluded from the transaction. The deal, disclosed in a nonbinding letter of intent last July, is expected to close late in Q1 2007...
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