January 7, 2008 — /PRNewswire/ — WALTHAM, MA — Inverness Medical Innovations (AMEX:IMA) today announced that its previously announced acquisition of Panbio Ltd has been successfully completed. The transaction was finalized with Inverness acquiring all outstanding shares for a total value of approximately $37 million. Panbio, headquartered in Brisbane, Australia, develops and manufactures diagnostic tests for use in the diagnosis and management of a board range of infectious diseases. In particular, Panbio’s leadership position in Dengue Fever diagnostics complements Inverness Medical’s existing product portfolio for the rapid diagnosis of blood borne pathogens. Panbio also provides the Australian infrastructure required to support Inverness’ plans for growth in the region.
About Inverness
By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life. A global leader in rapid point-of-care diagnostics, Inverness’ products, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse, and women’s health. Inverness is headquartered in Waltham, MA.
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