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September 14, 2007
By: Jennifer Whitney
Diagnostic test-maker Inverness Medical Innovations Inc. has completed a $326 million acquisition of a California competitor. Waltham, Mass.-based Inverness (AMEX: IMA) said on Wednesday that it had closed the stock deal to acquire Cholestech Corp. (Nasdaq: CTEC) through the merger of one of its wholly-owned subsidiaries with and into Cholestech. Cholestech’s shareholders approved the deal during a meeting on Wednesday. Inverness sells diagnostics tests in areas including infectious disease, cardiology, oncology, drug-abuse testing and women’s health. Cholestech makes cholesterol tests and other medical diagnostic tests. Inverness in recent months has gone on a buying spree. The company announced in August that it would buy HemoSense (AMEX: HEM) to access its diagnostic products to test for blood clotting. The company is also buying San Diego-based Biosite and Quality Assured Services Inc., a Florida company that provides diagnostic home test and services. SOURCE: Boston Business Journal
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