Alere Opts Not to Pursue Initial Public Offering by BBI Diagnostics Group plc
WALTHAM, Mass., June 18, 2014 /PRNewswire/ -- Alere Inc. (NYSE: ALR) today announced that it has elected not to proceed at this time with its previously announced plans to pursue an initial public offering in the United Kingdom of the ordinary shares of BBI Diagnostics Group plc, or BBI Diagnostics, and intends to seek greater value for the businesses of BBI Diagnostics than could be realized under current equity market conditions in the United Kingdom. Alere remains committed to its previously communicated strategy of divesting of non-core assets and to the use of proceeds from such divestitures to reduce its outstanding indebtedness.
By developing new capabilities in near-patient diagnosis, monitoring and health information technology, Alere enables individuals to take charge of improving their health and quality of life at home. Alere's global leading products and services, as well as its new product development efforts, focus on infectious disease, toxicology, cardiology and diabetes. Alere is headquartered in Waltham, Massachusetts. For more information regarding Alere, please visit www.alere.com.
SOURCE Alere Inc.