Inverness Medical Innovations has acquired a majority ownership of listed Korean firm Standard Diagnostics.
A press release from Inverness Medical Innovations states -
Inverness Medical Innovations Inc. announced Monday that its tender offer for Standard Diagnostics (“SD”), a leading innovator of rapid diagnostics based in Korea, was successful.
The tender offer, which expired today in Korea, was conditioned upon the tender of at least 2,408,000 shares by SD shareholders.
… preliminary results show that approximately 4,767,025 shares were tendered by SD shareholders (representing approximately 61.9% of the issued and outstanding shares in SD).
SD had revenues of approximately $36.8 million (KRW 40.3 billion) for the year ended December 31, 2008 and $36.0 million (KRW 44.0 billion) for the nine months ended September 30, 2009.
We expect that SD will become a subsidiary of Inverness and that following the completion of the tender Inverness will consolidate the financial results of SD with those of Inverness.
Back on the 11th of January, when the tender offer was first announced, a press release read -
“This proposed transaction provides SD with the resources and support to continue its growth as a globally competitive leader in the field of disease diagnosis.”
- Dr. Young Shik Cho, President and CEO of SD (and largest shareholder)
“We look forward to working with Dr. Cho and his entire team at Standard Diagnostics,”
“Inverness is committed to providing products and service to enable patients to take charge of their own health at home. Our vision for improving patient outcomes aligns closely with the vision of Dr. Cho and SD. We are excited about the opportunity to partner with Dr. Cho and continue to expand our global presence.”
- Ron Zwanziger, President and CEO of Inverness.
Information about the companies taken from the press release –
Inverness Medical Innovations’ global leading products and services, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women’s health. For more information regarding Inverness Medical Innovations, please visit www.invmed.com.
Standard Diagnostics, Inc., listed on the KOSDAQ stock market since January 23, 2003, is a global player in the medical diagnostics’ industry. Its main products lines relate to diagnostics reagents or devices for hepatitis, infectious diseases, tumor markers, fertility, drugs of abuse, urine strips and protein strips. For more information on Standard Diagnostics visit www.standardia.com.
(Source: Inverness Medical Innovations website)
