Alere Ups its Private Placement to $400M

Alere Increases Private Placement to $400M

Waltham life sciences firm Alere Inc. has increased its planned private placement of senior subordinated notes to $400 million. Earlier this week, the company formerly known as Inverness Medical Innovations Inc. announced the plan for a $350 million private placement offering.

According to Alere (NYSE: ALR) officials, the net proceeds from the private placement offering will be used for working capital and general corporate purposes.

Alere’s PPMwill be due in 2018. The company did not disclose the purchaser of the notes, or identify any manager of the sale.

Alere’s name change from Inverness Medical occurred in May, stemming from the 2007 acquisition by Inverness of Alere Medical Inc., of Reno, Nev., for $302 million in cash and stock.

Alere made a number of acquisitions last year, including its September buyout of Seattle-based Free & Clear Inc. for $100 million and its August purchase of Concateno plc, a London-based provider of drug-testing services, for $240 million.
http://www.masshightech.com/stories/2010/09/13/daily38-Alere-increases-private-placement-to-400M.html

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