TA Associates has agreed to sell Alere Medical Inc., a Reno, Nev.-based provider of disease management services to group health plans, to Inverness Medical Innovations (AMEX: IMA). The deal is valued at $302 million, including $125 million in cash and $177 million in
Inverness Medical Innovations (AMEX: IMA) today announced that it has entered into an agreement to acquire Alere Medical, Inc., a leading provider of health and care management services helping patients with chronic illnesses manage their conditions through a unique combination of at-home monitoring, patient education, and nurse-patient relationships. The purchase price is $302 million, comprising approximately $125 million in cash and $177 million in Inverness common stock. Alere's 2007 revenues are expected to approximate $77 million.
Commenting on the transaction, Ron Zwanziger, CEO of Inverness, said “The acquisition of Alere Medical is an exciting opportunity to enter the disease management industry, a move which fits naturally with our goal of enabling individuals to take charge of their health. Alere's expertise in patient monitoring and particularly in home chronic heart failure management complements our cardiac diagnostic technologies being developed at Biosite in San Diego and at Stirling Medical in Scotland. In addition, Alere brings with it exceptional management, a solid business platform, and strong revenues and profitability and is consistent well with our overall acquisition strategy.”
By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life. A global leader in rapid point-of-care diagnostics, Inverness' products, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women's health. Inverness is headquartered in Waltham, Massachusetts. For additional information on Inverness Medical Innovations, please visit www.invernessmedical.com.
Alere Medical, Inc., headquartered in Reno, Nevada, is a leader in specialized health management services focusing on a patient-centric, programmatic approach to comprehensive personal health support. Alere's integrated care monitoring system identifies and monitors all medium- and high-risk patients, and prioritizes those patients to facilitate efficient workflow. With published outcomes that exceed those of any competitor, Alere Medical's health management programs improve clinical outcomes for patients and maximize savings for clients. Alere Medical has received NCQA Patient and Practitioner Full Accreditation of its disease management programs for heart failure, coronary artery disease, diabetes, asthma and COPD.