Waltham, MA, Oct. 24, 2007 – Inverness Medical Innovations, Inc. announced that it has entered into an agreement to acquire Alere Medical, Inc., a leading provider of health and care management services helping patients with chronic illnesses manage their conditions through a unique combination of at-home monitoring, patient education, and nurse-patient relationships. The purchase price is $302 million, comprising approximately $125 million in cash and $177 million in Inverness common stock. Alere’s 2007 revenues are expected to approximate $77 million.
The transaction is expected to close prior to the end of the calendar year, subject to satisfaction of regulatory and other customary closing conditions.
Goodwin Procter LLP provided legal counsel to Alere, led by attorneys Kevin Dennis, James Matarese, Tracey Revellino and William Walt.
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