Inverness Medical Innovations has taken over UK company Bio-Stat Healthcare Group, a distributor of both core laboratory and point of care diagnostic testing products, for approximately $33.4m plus a results-related payment.
Bio-Stat had revenues of approximately $29.5m in 2006 and has been operating profitably.
Commenting on the transaction, Ron Zwanziger CEO of Inverness said: “We are very pleased to add Bio-Stat to the family of Inverness companies.
“This acquisition significantly enhances our presence in the UK market.”
David Horne, Managing Director of Bio-Stat said: “We at Bio-Stat are very excited about the acquisition.
“Our inclusion in the Inverness group will give us access to an even more impressive range of products and we will be able to offer improved services as well as continue to build on our reputation for outstanding customer satisfaction.”