January 18, 2008
Werfen Group Announces Agreement to Acquire INOVA Diagnostics
Werfen Group, S.A., a privately held healthcare corporation headquartered in Barcelona, Spain, has reached a definitive agreement to acquire all of the outstanding shares of INOVA Diagnostics, Inc., a privately held medical diagnostics firm headquartered in San Diego, California. The transaction is expected to close in the first quarter of 2008, subject to required government approvals. Financial terms have not been disclosed.
INOVA is recognized as a leader in the development and manufacturing of 'in vitro' diagnostic tests for autoimmune diseases. "For most of INOVA's history, autoimmune diseases were perceived as a relatively small and esoteric segment of the 'in vitro' diagnostic market. Recent scientific discoveries however are finding autoimmune characteristics in many of the more common diseases such as arthritis, liver disease, atherosclerosis, celiac disease and diabetes," said Dr. Walter Binder, INOVA's chief scientist. "Some of these diseases can affect up to one percent or more of the general population. As INOVA develops new tests based on these discoveries, we realize we require greater financial, marketing, and distribution resources to bring these new assays to market. The Werfen Group brings the necessary resources to allow INOVA to continue to aggressively pursue the many growth opportunities for our business segment throughout the world."Sr. Jose Luis Martin, spokesperson for Werfen, stated; "INOVA's research pipeline and scientific expertise is complementary to Werfen's 'in vitro' test and instrumentation product line. We are excited by the growth prospects for this segment of the medical diagnostic industry and we are ready to assist INOVA in realizing their growth plans. We expect to keep INOVA's research, manufacturing and administrative operations in San Diego and expand them as necessary in that area."
About Werfen Life Group
Werfen was founded in 1966 in Barcelona. The company manufactures and distributes 'in vitro' medical diagnostic solutions, medical devices, and scientific instruments worldwide. Werfen employs more than 3000 people, with 2007 revenues exceeding US$1 billion.
About INOVA Diagnostics
INOVA was established in San Diego in 1987. The company develops and manufactures 'in vitro' medical diagnostic tests for autoimmune disease that are used in medical labs, hospitals and universities around the world. The company employs 160 people at its San Diego facility.