P&G Expands Presence in Medical Device Field

2006-12-27 | 10:32

Procter & Gamble Co. plans to invest $325 million in cash and provide marketing in a joint venture it will form with Inverness Medical Innovations Inc. Under terms of the agreement, each company will own 50% of the venture for medical tests outside of the fields of cardiology and diabetes.

P&G will sell and distribute medical-diagnostic devices developed by Waltham, MA-based Inverness, which makes home pregnancy and fertility tests, under the joint venture, which each company will equally own. The transaction is set to close in the first quarter of 2007, the companies said in a statement.