BOSTON, Dec. 27, 2006 — Inverness Medical Innovations Inc. and The Procter & Gamble Company (P&G) announced today that they have signed a definitive agreement to form a 50/50 joint venture for the development, manufacturing, marketing and sale of existing and to-be-developed consumer diagnostic products outside of the fields of cardiology and diabetes. With this agreement, Inverness will be contributing its related consumer diagnostic assets, other than manufacturing and core intellectual property assets, to a new joint venture entity, and P&G will be acquiring its interest in the joint venture in consideration for a cash payment of $325 million.
Inverness' primary role in the collaboration will be to develop and manufacture consumer diagnostic products while P&G's primary role will be to market, sell and distribute existing and to-be-developed products. Inverness will retain all rights with respect to the development and sale of cardiology diagnostic products and its professional Point of Care diagnostic businesses. The deal is expected to close in the latter half of the first quarter of 2007.
The following Goodwin Procter attorneys represented Inverness in this matter: Scott Duggan, Stephen Charkoudian, Howard Cubell, Christopher Davis, Joseph Piacquad, Robert Crawford, Benjamin Hron, Kelsey Lemaster, Delcy Sweet and Rachel Oshry.