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news.Inverness Medical Innovations, a manufacturer of in vitro diagnostic products, has finalized its acquisition of biotech company Matritech.
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The deal was structured as an asset purchase under which a newly formed subsidiary of Inverness acquired substantially all of the assets of Matritech for aggregate consideration of 616,713 shares of Inverness common stock, valued at approximately $36 million.
In addition, Inverness has agreed to pay Matritech up to $2 million of incremental consideration, in cash and/or Inverness common stock, conditioned on the achievement of certain revenue targets for the upcoming 12-month period.