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Alere Inc., the Waltham life sciences firm formerly known as Inverness Medical Innovations Inc., plans to raise $350 million through a private placement of senior subordinated notes, with proceeds being used for working capital and general purposes.
According to officials at Alere (NYSE: ALR) the notes will be due in 2018. The company did not disclose the purchaser of the notes, or identify any manager of the sale.
In May, Inverness Medical changed its name to Alere, and its ticker symbol from “IMA” to “ALR.” At the time, CEO Ron Zwanziger said that the name is derived from Latin and means “to nurture, to care for or to support.” In addition to Latin, the name Alere also comes from the 2007 acquisition by Inverness of Alere Medical Inc., of Reno, Nevada, for $302 million in cash and stock.
In Sept. 2009, Inverness bought Seattle-based Free & Clear Inc. for $100 million, adding online and phone coaching and support for companies, health plans and government agencies to address health risks in the fields of tobacco use, lack of exercise, poor nutrition and stress. One month prior to that purchase, Inverness closed its $240 million acquisition of Concateno plc, a London-based provider of drug-testing services.
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