Inverness expands cardiac monitoring capabilities with acquisition of Cholestech

By Lisa Kerner

Charlotte, N.C., Sept. 13 - Inverness Medical Innovations, Inc. merged its wholly owned subsidiary with and into Cholestech Corp. after Cholestech shareholders approved the companies' June 4 merger agreement on Wednesday.

The agreement gives Cholestech stockholders 0.43642 of a share of Inverness common stock per share of Cholestech common stock. Inverness (Amex: IMA) closed at $48.56 on Sept. 12.

Cholestech shares ceased trading on Wednesday and will be delisted from the Nasdaq.

"The acquisition of Cholestech together with our recent and pending acquisitions, provides Inverness with the unique ability to assess cardiac risk, diagnose cardiac conditions and potentially monitor the condition and response to therapy of cardiac patients," Inverness chairman, president and chief executive officer Ron Zwanziger said in a company news release.

"The Cholestech LDX System is one of the most established and respected monitoring platforms available to physicians and patients and we believe that this added access to physicians' office laboratories will provide broad benefits for many Inverness and Biosite products."

Cholestech, located in Hayward, Calif., develops diagnostic tools for risk assessment and therapeutic monitoring of heart disease and inflammatory disorders.

Inverness is a diagnostic device developer based in Waltham, Mass.

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