Friday, July 25, 2008

Inverness and Thermo Fisher extend distribution agreement

By Mass High Tech Staff

Diagnostic test maker Inverness Medical Innovations Inc. and medical device giant Thermo Fisher Scientific Inc. have agreed to extend their co-exclusive distribution agreement through December 2010.

The deal covers distribution of Inverness subsidiary Biosite’s products, including Triage brand cardiology products and tests for drugs of abuse. The agreement does not include products sold for use by a third party.

Financial terms of the deal were not disclosed.

Waltham-based Inverness (AMEX:IMA) was in talks with private equity groups to form a $1.8 billion joint venture of its health-management business, according to a late May regulatory filing.

The company also saw its stock price cut in half since January of this year, when the firm revealed its plans to buy health-management firm Matria Healthcare Inc. of Georgia for $1.2 billion, causing speculation that Inverness had fallen from grace with some investors who question its move into the disease-management business.

With more than 5,000 workers worldwide, Inverness reported a 2007 net loss of $244.8 million on revenue of $839.5 million.

Thermo Fisher (NYSE:TMO), also based in Waltham, had a productive month with its acquisition of Golden, Colo.-based Affinity BioReagents Inc., a provider of antibodies, peptides, proteins and other reagents for life science research.

Thermo Fisher reported a 2007 net income of $761.1 million on revenue of $9.7 billion.