The Werfen Group, a healthcare company in Barcelona, Spain, has reached a definitive agreement to acquire all of the outstanding shares of Inova Diagnostics, a medical diagnostics firm in San Diego.
Financial terms have not been disclosed.
Sr. Jose Luis Martin, spokesperson for Werfen, said “Inova’s research pipeline and scientific expertise is complementary to Werfen’s in vitro test and instrumentation product line…We expect to keep Inova’s research, manufacturing and administrative operations in San Diego and expand them as necessary in that area.”
Inova develops and manufactures in vitro diagnostic tests for autoimmune diseases.
Walter Binder, Inova’s chief scientist, said the company requires “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.”
The transaction is scheduled to close in the first quarter of 2008, subject to required government approvals.