Alere Inc. ALR, a global
leader in enabling individuals to take charge of their health at home through
the merger of rapid diagnostics and health information solutions, announced
today that it has acquired Epocal, Inc., a provider of best-in-class
technologies that support blood gas and electrolyte testing at the point of
care.
In 2009, Alere entered into a definitive agreement with Epocal to acquire all
of the company's issued and outstanding equity securities, contingent upon the
achievement of gross margin and other financial milestones on or prior to
October 31, 2014. After working capital and other adjustments made at
closing, Alere paid approximately $166 million cash to acquire Epocal, which
includes a $15 million payment for the achievement of the first two financial
milestones specified in the agreement. Additional payments of up to $75.5
million could be triggered if milestones linked to the delivery of additional
product offerings on the Epocal platform are achieved.
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