Covington Associates Advises Inverness Medical Innovations’ Health Management Business in Strategic Alliance with CVS Caremark
Boston, MA – August 30, 2009 – Covington Associates announced it acted as financial advisor to Inverness Medical Innovations (NYSE: IMA), through its Alere health management business, as it launched a strategic alliance with CVS Caremark (NYSE:CVS).
The alliance means chronically ill patients served by CVS Caremark’s Accordant Common disease management program will be managed and have access to expanded offerings provided by Alere, a leader in health services for wellness, disease management, oncology, and complex case management. The transaction also allows Alere’s patients to gain access to CVS’ nurse practitioners at MinuteClinics as well as pharmacists within retail stores.
Tom Cibotti, Managing Director of Covington Associates, said, “This alliance broadens Alere’s capabilities by expanding their wide range of services customized to each patient while simultaneously generating access to the largest pharmacy healthcare company in the US. Covington Associates continues to enjoy its 15-year advisory relationship with Inverness Medical and its subsidiaries.”
“This strategic alliance creates a first in the health management space, a more direct connection for participants between proven health management programs and their trusted providers in CVS pharmacies,” said Ron Geraty, CEO of Alere.
About Inverness Medical Innovations
Inverness Medical Innovations is a leading developer of advanced diagnostic devices as well as healthcare management. The company facilitates individuals to maintain and improve their health through various services and products. Inverness’ products and development efforts focus on oncology, cardiology, infectious disease as well as women’s health. Inverness is headquartered in Waltham, Massachusetts.
To learn more about Inverness Medical Inc., please visit www.invernessmedical.com
Alere provides unmatched healthcare management services tailored to its patients’ needs. Alere’s services are designed to cater to a wide array of patients spanning from prenatal care to end-of-life care as well as health management for patients with various chronic afflictions.
To learn more about Alere, please visit www.alere.com
About Covington Associates LLC
Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare, and technology companies throughout the country. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed hundreds of transactions ranging in value from $10 million to nearly $2 billion for both private and publicly traded companies.
To learn more about Covington Associates, visit www.covllc.com.