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Thermo Sells Biostar Dx Business to Inverness for $52.5M

NEW YORK, Sept. 19 (GenomeWeb News) - Thermo Electron said today that it has agreed to sell its Thermo Biostar point-of-care and rapid diagnostics business to Inverness Medical Innovations for $52.5 million in cash.

 

The sale is expected to close by Sept. 30, subject to the consent of Inverness management and other customary closing conditions.

 

Biostar had 2004 revenues of around $29.7 million and first-half 2005 revenues of approximately $18.5 million.

 

"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," said Marijn Dekkers, president and CEO of Thermo Electron, in a statement.

 

Dekkers added that Thermo's remaining clinical diagnostic products "have excellent market positions."

 

Inverness Medical Innovations, which focuses on diagnostics for women's health and cardiology, will acquire Thermo Biostar's line of point-of-care rapid tests, as well as 55 full-time sales staff.