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Inverness Medical Innovations Inc., a developer and marketer of health-management and monitoring technologies, has closed its $240 million acquisition of Concateno plc, a London-based provider of drug-testing services.
Waltham-based Inverness said it issued $150 million in senior notes to help fund the acquisition.
In its most recent financial quarter, Inverness (NYSE: IMA) booked $456.7 million in revenue, compared with $396.3 million in the year-earlier period. Around $14 million of that increase was linked to flu-test sales stemming from the H1N1 outbreak, the company said. Inverness’ cash and cash equivalents were $566.9 million as of June 30, compared with $144 million a year earlier. Much of that cash came in the form of long-term borrowings, which increased to $1.88 billion from $1.5 billion as of June 30, 2008.
Inverness first expressed interest in buying Concateno in June. Concateno’s “unique position” in the European point of care and drug-abuse testing market is a “perfect complement” to Inverness’ existing drug abuse business, which mostly operates in the U.S., the company claimed in a statement.
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