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Inverness buys Concateno

This article was originally published in The Gray Sheet

Executive Summary

Inverness Medical Innovations will bolster its drugs-of-abuse test business through the purchase of London-based Concateno for about $200 million in cash and stock. Concateno, which had 2008 sales of about $76 million, controls a "unique position in the European point of care, drugs of abuse testing market [that] is a perfect complement to our existing drugs of abuse business, which operates primarily in the United States," Inverness explains. "There is also very little product overlap because we already supply Concateno with many of its visually-read drugs of abuse tests while Concateno manufactures meter-read products," according to the company. Announced June 5, the deal is subject to Concateno shareholder approval; Inverness expects the acquisition to close in the third quarter
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