Three years after inking a deal with San Diego-based ACON Laboratories
to acquire a significant portion of its rapid diagnostic business, Inverness Medical will close out the $200 million acquisition with cash and stock.
The March 19 deal completes an agreement initiated in 2006, when Waltham-based Inverness acquired the rights to ACON’s rapid diagnostic businesses in the United States, Canada, parts of the EU, Australia, Israel, Japan and New Zealand.
As part of the agreement, Inverness agreed to purchase the rest of the global operation if certain financial performance and operating conditions were met.
According to Inverness officials, ACON’s 2008 revenues for the rapid diagnostic business were around $45 million and had “attractive operating margins.”
Inverness will finance the deal, which is expected close at the end of April, with existing cash and stock.
