Inverness to acquire Australian firm

Inverness Medical Innovations Inc., a Waltham medical diagnostics company, has agreed to buy out Panbio Ltd., a Australian diagnostic equipment maker, for $37 million.

The deal is subject to several conditions, including approval by Panbio shareholders.

Panbio makes diagnostic tests, including tests to detect viruses. Inverness hopes to capitalize on Panbio's position in the dengue fever market.

Last month, Inverness completed the $326.3 million buyout of Cholestech Corp., which also makes diagnostic products.
(AP)