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Inverness/Acon rapid diagnostics deal

This article was originally published in The Gray Sheet

Executive Summary

Inverness Medical Innovations will pay $200 million to acquire the remainder of Acon Laboratories' worldwide lateral flow immunoassay rapid diagnostics business under a March 19 definitive agreement. In March 2006, Inverness purchased for $175 million the business for territories limited to the U.S., Canada, Western Europe, Australia, Israel, Japan and New Zealand. The newly acquired territories include China, Asia Pacific, Latin America, South America, the Middle East, Africa, India, Pakistan, Russia and Eastern Europe. Those markets generated about $45 million in sales in 2008. San Diego-based Acon notes that it will retain its other worldwide in vitro diagnostics businesses, including diabetes, clinical chemistry and immunoassay products. The firms expect the deal to close by April 30

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