Jennifer Whitney10.30.07
Inverness Medical Innovations Inc., a developer of tests for heart disease and stroke, agreed to buy closely held Alere Medical Inc. for $302 million, to provide disease management for cardiac patients.
The price consists of $125 million in cash and $177 million in Inverness common stock, Inverness said yesterday. Alere is expected to have revenue of $77 million this year, Inverness said.
Reno-based Alere has expertise in managing the home care of patients with heart failure. The specialty "complements" diagnostic methods being developed by Inverness, the Waltham company said.
Inverness has revealed 13 acquisitions this year. The company began cutting 49 positions last week, mostly in sales and marketing, Inverness also reported yesterday in a regulatory filing. Those include workers at Biosite Inc. and Cholestech Corp., two of the acquired companies. Also, 47 jobs in order management and filling will be transferred to a center being created in Orlando, Fla., from various North American locations.
Those actions will cost about $7.2 million and lead to savings of about $10.3 million, the company said.
SOURCE: Bloomberg News