deals, Diagnostics, Stocks

Inverness Nets $806.4M in Stock Sale

Malorye Allison 11/21/07

Waltham, MA-based Inverness Medical Innovations (AMEX: IMA) netted a tidy $806.4 million by selling 13,634,302 shares at $61.49 in a public offering that closed yesterday. All told the deal—which included an over-allotment of 1.8 million shares that was exercised in full—wound up being about twice the size as originally planned. Inverness will likely use the cash to continue its remarkable recent acquisition streak.