Private Spanish Healthcare Acquires Inova Diagnostics

Werfen Group (Barcelona, Spain), a privately held healthcare corporation, has reached a definitive agreement to complete the acquisition of Inova Diagnostics, Inc. (San Diego, CA, USA), a medical diagnostics firm. The transaction is expected to close in the first quarter of 2008, subject to required government approvals. Financial terms have not been disclosed.

Inova develops and manufactures in vitro diagnostic (IVD) 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.

Dr. Binder added, "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.”

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.”


Related Links:
Werfen Group
Inova Diagnostics