Inverness Medical Innovations agreed to acquire British drug testing products maker Concateno plc for a cash-and-stock deal worth roughly $201 million.
The Waltham diagnostics maker will pay Concateno’s stockholders about $131 million in cash (around $1.27 per share) and 0.02 shares of Inverness stock for each of the British firm’s 103.2 million shares (roughly $0.68 worth of each share, or about $30 million worth in total).
The acquisition, which must still be approved by Concateno’s shareholders and the High Court of Justice in England and Wales, is expected to close during the third quarter of 2009.