Inverness Plans to Acquire Panbio Limited
Diagnostic manufacturer Panbio Limited, based in Australia announced their support for an acquisition offer from Inverness Medical Innovations Incorporated, as reported on their website (pdf). Panbio shareholders will meet in December to vote on the deal.
The deal has been in the works for almost a year, but the offer price increased since the positive performance of Panbio offerings during the past year. The deal includes $0.65 in cash per share; all Panbio shares will be acquired by Inverness. That includes those shares currently held by Panbio employees under the company’s employee share scheme. Panbio will become a wholly owned subsidiary of Inverness.
Panbio develops, manufactures, and sells in vitro diagnostic tests. They have especially been recognized for tests which evaluate the presence of flaviviruses and arthropod-borne viruses.
Inverness announced plans to acquire Matritech in September; the company develops diagnostic tests for malignancy. At the end of June, they acquired a prescription self-testing company, Quality Assured Services. Cholestech, which manufactures diagnostic tests for cholesterol monitoring, was acquired in early June.
Inverness, through these acquisitions, continues to expand the products owned by the company in the diagnostic arena.
October 10, 2007 Related topics: Mergers & Acquisitions