Feb. 24, 2006 — Inverness Medical Innovations Inc. announced today that it has entered into a definitive agreement with ACON Laboratories Inc. to acquire a substantial portion of ACON's rapid diagnostics business for $175 million. Inverness agreed to acquire ACON's business of researching, developing, manufacturing, marketing and selling lateral flow immunoassay products in the United States, Canada, Western Europe, Israel, Australia, Japan and New Zealand. Inverness also agreed to acquire a manufacturing facility in Hangzhou, China. The acquisition is a result of a resolved patent dispute between Inverness and ACON that had been fought in the United States and Europe for nearly three years.
Press Release February 24, 2006