Cholestech Corp. Sold for $326 Million

Inverness Medical Innovations will buy Cholestech Corp. for about $326 million.

MA-based company Inverness Medical Innovations will buy Cholestech Corp. in a stock deal worth about $326 million.

Waltham, MA-based Inverness will pay 0.43642 shares of its stock for each share of Hayward-based Cholestech’s common stock. The deal, based on Friday’s closing prices, values Cholestech at about $326 million.

Cholestech, led by CEO Warren Pinckert II, makes cholesterol tests and other medical diagnostic tests. Inverness also sells medical tests.

Covington & Associates was financial advisor to Inverness, and Foley Hoag LLP was its legal counsel. Savvian Advisors LLC was Cholestech’s financial advisor, and Wilson Sonsini Goodrich & Rosati PC was its legal counsel.

The deal requires Cholestech shareholder approval. It should close in the fall.

SOURCE:  SAN FRANCISCO BUSINESS TIMES

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