Thermo Electron Announces Sale of Point of Care and Rapid Diagnostics Business
Thermo Electron Corporation (NYSE: TMO) announced today that it has entered into a definitive agreement to sell its Point of Care and Rapid Diagnostics business, formally known as Thermo Biostar, to Inverness Medical Innovations (Amex: IMA) for $52.5 million in cash. The closing of the acquisition is subject to Inverness obtaining the consent of its lenders, and to other ordinary and customary closing conditions. The sale is expected to be completed in the third quarter of 2005. Thermo’s Point of Care and Rapid Diagnostics products are used to perform rapid diagnoses of infectious diseases as well as a range of diagnostic screening tests.
Over the past several years, Thermo has built its Life and Laboratory Sciences business into a market leader through organic growth, acquisitions, alliances and select divestitures. The company has achieved leadership positions in laboratory equipment and scientific instrumentation, as well as informatics and services.
“Although the Point of Care and Rapid Diagnostics business has performed well, we do not believe it to be a strategic fit with Thermo’s long term strategy for growth,” Marijn Dekkers, president and chief executive officer of Thermo Electron commented. “Our remaining clinical diagnostic products have excellent market positions. Thermo is a market leader in anatomical pathology and through our alliance with DPC, we have a strong position in our European Clinical Chemistry and Automation business. We remain committed to growing Thermo’s presence as the world leader in analytical instruments while creating greater value for our shareholders, customers, business partners and employees.
“Inverness Medical Innovations is a leading developer of professional diagnostic and consumer-oriented applications focusing on women’s health and cardiology. We believe the clinically important products from the Point of Care and Rapid Diagnostics business will be complimentary to their business,” concluded Dekkers.
About Thermo Electron Corporation
Thermo Electron Corporation is the world leader in analytical instruments. Our instrument solutions enable our customers to make the world a healthier, cleaner and safer place. Thermo’s Life and Laboratory Sciences segment provides analytical instruments, scientific equipment, services and software solutions for life science, drug discovery, clinical, environmental and industrial laboratories. Thermo’s Measurement and Control segment is dedicated to providing analytical instruments used in a variety of manufacturing processes and in-the-field applications, including those associated with safety and homeland security. Based near Boston, Massachusetts, Thermo has revenues of more than $2.7 billion, and employs approximately 11,000 people in 30 countries. For more information, visit http://www.thermo.com .
