Thermo to Sell Point of Care and Rapid Diagnostics Business
Thermo Electron Corporation announced 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 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.
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