Inverness buys Kroll substance abuse unit for $110M

By Mass High Tech staff

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Inverness Medical Innovations Inc. has agreed to pay $110 million in cash to buy the Substance Abuse Testing division of Kroll Inc., a subsidiary of March and McLennan Companies Inc.

The Gretna, La.-based division, Kroll Laboratory Specialists Inc., has two laboratories in Gretna and in Richmond, Va., that are certified by the U.S. Substance Abuse and Mental Health Services Administration. The business unit provides substance abuse testing products and services.

Waltham-based Inverness (NYSE: IMA) produces diagnostic and health monitoring tools covering illnesses including infectious disease, cardiology, oncology, drugs of abuse and women’s health. “We believe that this acquisition will deepen the range of products and services we offer the government, employers, health plans and healthcare professionals through our existing channels,” said Inverness CEO Ron Zwanziger said in a statement.

Inverness made news earlier this week when it announced that its $286 million bid to buy a majority ownership in Korean diagnostics firm Standard Diagnostics Inc. was successful.

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