Covington Associates Advises Alere in Acquisition of Pacificare Health Systems
Boston, MA — June 21, 2005 — Covington Associates LLC announced today that it acted as the buy-side advisor to Alere Medical Incorporated (“Alere”) in its acquisition of the disease management unit of Pacificare Health Systems, Inc. (“Pacificare”); including a long term disease management contract in which Alere will administer a comprehensive disease management program to Pacificare’s clients. The terms of the transaction were not disclosed.
Based in Reno, Nevada, Alere is a provider of integrated, condition-specific disease management services. The agreement with Pacificare includes the transfer of Pacificare’s disease management staff and will expand Alere’s disease management offerings outside of its current cardiovascular and diabetes to include respiratory and kidney diseases.
According to Ron Geraty, CEO of Alere, “We are committed to offering a true alternative in the industry to those companies who attempt to cover a high number of disease categories, yet fail to save their customers real money. ”
Tom Cibotti, a Managing Director at Covington Associates and lead advisor to Inverness Medical on the transaction, was quoted as saying “Inverness’ most recent acquisition, along with its acquisitions earlier this year of Binax, Inc. and Ischemia Technologies serves to further establish Inverness Medical as a leader in rapid diagnostics worldwide.”
About Alere Medical, Inc.
Alere Medical Incorporated is a leader in services that integrate objective and subjective data to produce actionable information that supports physicians’ practices and improve adherence and compliance with their treatment plans. Alere Medical’s unique combination of at-home monitoring, pharmacy benefit monitoring, patient stratification technology, empowering education, and daily review by caring clinical professionals provides the physician with patient-specific provider alerts that are actionable, timely, and validated. This results in positive clinical outcomes, greatly reduced hospitalizations, substantial cost savings, and high levels of client and patient satisfaction.
About Covington Associates LLC
Covington Associates LLC is a specialty investment banking firm offering financial advisory services in the areas of mergers, acquisitions and capital raising. For more than a decade, Covington Associates’ senior advisors have been providing a superior level of service to middle-market companies in the healthcare, technology and industrial/consumer sectors. Covington Associates has completed transactions ranging from $5 million to more than $1 billion for both privately held and publicly traded companies across the U.S. and abroad. To learn more about Covington Associates, visit www.covingtonassociates.com.