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Innogenetics sells its Spanish affiliate to Inverness Medical Innovations for approximately 15.5 mio euro in cash

04 Oct 2005 - Innogenetics announced that it has sold its Spanish affiliate IDT, except the portion relating to Innogenetics' own-labeled products, to Inverness Medical Innovations of Switzerland for approximately 15.5 mio euro in cash with a profit of approximately 9 mio euro.
 
Currently, IDT distributes about 8 million euro worth of non-Innogenetics products annually and more than 3 million euro of sales of its own-labeled diagnostic tests on the Spanish market. The deal further implements Innogenetics' strategy to focus on its proprietary high margin products. The Innogenetics products will be sold by Innogenetics new subsidiary in Spain named Innogenetics Diagnostics Iberia sl. The deal will contribute a cash inflow to Innogenetics of approximately 15.5 mio euro in 2005 and a profit of approximately 9 mio euro in the third quarter of this year subject to the final closing of the books.