Inverness Medical to sell 5 million shares
Inverness Medical Innovations Inc. is announcing a proposed public offering of common stock.
The Waltham company develops, manufacturers and markets medical diagnostic products, including consumer pregnancy and fertility tests.
Subject to market and other conditions, Inverness said today it is offering to sell 5 million shares of its common stock pursuant to an effective shelf registration statement in an underwritten public offering.
Inverness said it intends to use a portion of the net proceeds from the offering to repay outstanding indebtedness and for working capital and other general corporate purposes, including the financing of potential acquisitions or other investments.
Jeffries & Co. and UBS Investment Bank are acting as joint book-running managers for the offering, the company said, and Cowen and Co. and Leerink Swann & Co. are acting as co-managers for the offering.
(By Chris Reidy, Globe staff)
