Healthcare Business News

Alere acquires Canadian diagnostics firm

By Jaimy Lee
Posted: February 8, 2013 - 2:00 pm ET

Alere, a Waltham, Mass.-based operator of diagnosis, monitoring and health information technologies, said it acquired Epocal, a Canadian diagnostics firm that developed a point-of-care blood analysis system.

The companies had first announced plans in 2009 for Alere to acquire Epocal's issued and outstanding equity securities for $166 million in cash, according to an Alere news release (PDF). The definitive agreement required certain financial milestones be met by Oct. 31, 2014.

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Alere's $166 million cash payment includes a $15 million payment for two financial milestones. In addition, the company could pay up to $75.5 million in future payments for other milestones.

A spokesman for Alere was not immediately available for comment.

Epocal is based in Ottawa, Canada.

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