Inverness acquires Alere
This article was originally published in The Gray Sheet
Executive Summary
Inverness Medical Innovations continues its acquisition spree with the $302 million purchase of Alere, a provider of health and care-management services for patients with heart failure and other chronic illnesses, in agreement announced Oct. 24. The purchase complements Inverness's cardiac management and diagnostic technologies, and is consistent with the firm's overall acquisition strategy, according to CEO Ron Zwanziger (1"The Gray Sheet" Sept. 3, 2007, p. 9). The transaction, which includes $125 million in cash and $177 million in Inverness common stock, is expected to close at the end of 2007. Alere is expected to have 2007 revenues of $77 million