A Medical Device Daily

Select Medical (Mechanicsburg, Pennsylvania) has signed a definitive agreement to acquire the business of CORA Health Services for about $46 million in cash.

The purchase price is subject to adjustment based on CORA’s net working capital and indebtedness on the closing date. Dechert advised Select Medical during the deal.

The transaction, which is expected to close in the 4Q07, is subject to a number of customary closing conditions.

CORA is an outpatient medical rehabilitation company providing a range of services for clients with orthopedic, work-related and sports injuries and various neuromuscular and neurological conditions. It operates 95 clinics in Florida, Michigan and Pennsylvania, with three additional clinics in Florida scheduled to open shortly.

Select is an operator of specialty hospitals in the U.S. It currently operates 86 long-term acute care hospitals and four acute medical rehabilitation hospitals in 25 states.

Inverness Medical Innovations (IMI; Waltham, Massachusetts) reported that it has acquired UK-based Bio-Stat Healthcare Group, a distributor of both core laboratory and point-of-care diagnostic testing products to the UK market place, for about $33.4 million.

In addition, IMI will pay an earn out up to a maximum of about $14.6 million based on Bio-Stat’s 2007 results.

Bio-Stat reported revenues of about $29.5 million in 2006.

“This acquisition significantly enhances our presence in the UK market,” said Ron Zwanziger CEO of IMI.

IDJ International acted as financial advisor and Allen & Overy as legal counsel to IMI. Grant Thornton UK acted as financial advisor and Heatons acted as legal counsel to Bio-Stat.

IMI is a developer of rapid point-of-care diagnostics.

In other dealmaking news: Thermo Fisher Scientific (Waltham, Massachusetts) that it has acquired PrioritySolutions International (Swedesboro, New Jersey), a third-party logistics provider to the pharmaceutical and healthcare industries, following anti-trust clearance.

Priority will be integrated into Thermo Fisher’s biopharma services business, which includes the packaging and delivery of tightly regulated pharmaceutical samples to patients participating in clinical trials.