WALTHAM, Mass., Oct. 8 Inverness MedicalInnovations (Amex: IMA) today announced that it has entered into a SchemeImplementation Agreement with Panbio Ltd, an Australian company traded on theAustralian Securities Exchange, under which it is proposed that Inverness willacquire all of the issued shares in Panbio for AUD 0.65 cash per share. Theproposed Scheme, which values the issued share capital of Panbio atapproximately AUD 41 million, or approximately USD 37 million, is subject toapproval by Panbio shareholders at a meeting expected to be held in December2007 as well as various other conditions.
Panbio, an international diagnostics company headquartered in Brisbane,Australia, develops, manufactures and markets diagnostic tests, includingtests used in the diagnosis of flaviviruses and other arthropod-borne viruses,to a worldwide customer base. In particular, Panbio's position in the denguefever diagnostic market will help Inverness to achieve its goal of promotingpersonal health worldwide by responding to the recent spread of the diseasethroughout South America and elsewhere. Panbio's business and Inverness'existing Australian professional diagnostics business are based in Brisbane,Australia.
By developing new capabilities in near-patient diagnosis, monitoring andhealth management, Inverness Medical Innovations enables individuals to takecharge of improving their health and quality of life. A global leader inrapid point-of-care diagnostics, Inverness' products, as well as its newproduct development efforts, focus on infectious disease, cardiology,oncology, drugs of abuse and women's health. Inverness is headquartered inWaltham, Massachusetts. For additional information on Inverness MedicalInnovations, please visit www.invernessmedical.com.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements within themeaning of the federal securities laws, including statements regardingpotential synergies and benefits of the proposed business combination. Thesestatements reflect the parties' current views with respect to future eventsand are based on their respective management's current assumptions andinformation currently available. Actual results may differ materially due tonumerous factors including, without limitation, risks associated with marketand economic conditions; Inverness' ability to consummate the acquisitionwhich is subject to approval of Panbio's shareholders and other conditions toclosing; Inverness' ability to integrate this and other acquisitions and torecognize expected benefits; Inverness' ability to continue to successfullydevelop and manufacture diagnostic testing products and to commercializeproducts; and the risks and uncertainties described in Inverness' annualreport on Form 10-K, as amended, for the year ended December 31, 2006, andother factors identified from time to time in its periodic filings with theSecurities and Exchange Commission. Inverness undertakes no obligation toupdate any forward-looking statements contained herein.
SOURCE Inverness Medical Innovations