Inverness Medical Buys Florida Firm

Inverness Medical Innovations Inc. said Monday it acquired Quality Assured Services Inc., a Florida-based, privately held provider of diagnostic home tests and services.

Waltham, MA-based Inverness, which manufactures and markets dianostic products, said the transaction involved an initial payment of $12.5 million cash and $12.5 million in Inverness stock.

“The acquisition of QAS provides Inverness with an established in-home patient service and distribution network, and a leadership position in the prescription self-testing market, especially in coagulation monitoring,” Inverness said in a statement.

The QAS purchase is one of several Inverness has made this year. The company said earlier this month it would buy Hayward, Calif.-based Cholestech Corp., a maker of diagnostic tools used in assessing heart disease and inflammatory disorders. Inverness last month ended a several weeks-long bidding war and finalized a deal to purchase San Diego-based Biosite Inc.

SOURCE: BOSTON BUSINESS JOURNAL