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Inverness strikes again

This article was originally published in The Gray Sheet

Executive Summary

Rapid point-of-care diagnostic test maker Inverness Medical Innovations acquires British non-invasive lateral flow test maker BBI Holdings in a deal valuing BBI at up to $170 million, announced Dec. 11. Inverness already owns about 12% of BBI and will acquire each of the remaining 37.7 million BBI shares for $3.95 worth of Inverness stock or $3.75 in cash, contingent upon BBI shareholder approval. Waltham, Mass.-based Inverness, which recently raised about $800 million from a stock sale to help support an ongoing acquisition spree, notes that among BBI's key assets are its "capabilities in developing novel lateral flow based rapid diagnostic products and in developing and manufacturing high performance reagents and biological materials for use in those products" (1"The Gray Sheet" Dec. 3, 2007, p. 17)

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