Inverness international expansion effort continues
This article was originally published in The Gray Sheet
Inverness continues to expand its international presence by acquiring Australian diagnostics firm Panbio for $37 million, the firm announces Oct. 8. Panbio makes tests for flaviviruses and other arthropod-borne viruses. "Panbio's position in the dengue fever diagnostic market will help Inverness [respond] to the recent spread of the disease throughout South America and elsewhere," Inverness explains. The move comes just days after Inverness' purchase of UK diagnostics distributor Bio-Stat for $33.4 million (1"The Gray Sheet" Oct. 8, 2007, In Brief)
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Inverness Medical Innovations acquires UK-based distributor of lab and point-of-care diagnostics Bio-Stat for $33.4 million. Announced Oct. 3, the deal includes up to $14.6 million in additional payments, based on Bio-Stat's 2007 financial performance. The acquisition is the latest in a series of Inverness deals aimed at building the firm's worldwide distribution capabilities (1"The Gray Sheet" Sept. 3, 2007, p. 9)
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