Summary
IDEXX Laboratories, Inc. (IDXX) has completed its acquisition of the Critical Care Division of Osmetech plc. This division specializes in electrolyte and blood gas analyzers and related consumable products. The acquisition, finalized on January 31, 2007, involved a cash payment of $44.9 million and the assumption of approximately $2.2 million in liabilities, primarily consisting of accounts payable and other operating liabilities. The transaction was funded in part by borrowings under IDEXX's existing credit facility. This strategic move is significant as IDEXX was already a customer of Osmetech, purchasing its VetStat® analyzers and consumables and engaging in development of next-generation technologies with them. The acquisition is expected to strengthen IDEXX's position in the critical care diagnostics market by integrating Osmetech's assets and intellectual property directly into its operations. Investors should note that the final purchase price is subject to a post-closing adjustment based on the net asset value of the acquired division.
Key Highlights
- 1IDEXX Laboratories completed the acquisition of the Critical Care Division of Osmetech plc on January 31, 2007.
- 2The acquired business develops and sells electrolyte and blood gas analyzers and related consumables.
- 3The total purchase price was $44.9 million in cash plus approximately $2.2 million in assumed liabilities.
- 4The acquisition was partially financed through borrowings under IDEXX's credit facility.
- 5IDEXX previously sourced products and development services from the acquired division.
- 6The final purchase price is subject to a post-closing adjustment based on net asset value.