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May 18, 2007
NEW YORK, NY, May 18, 2007 — The Procter & Gamble Company and Inverness Medical Innovations, Inc. announced that they have completed their previously announced deal to form a 50/50 joint venture for the development, manufacturing, marketing and sale of existing and to-be-developed consumer diagnostic products. Inverness contributed its related consumer diagnostic assets, other than its manufacturing and core intellectual property assets, to the joint venture, and Procter & Gamble acquired its interest for a cash payment of $325 million. The new company, SPD Swiss Precision Diagnostics GmbH, will be headquartered in Geneva, Switzerland.
Covington & Burling LLP represented Procter & Gamble in the cross-border transaction. Procter & Gamble and its subsidiaries engage in the manufacture and marketing of various consumer products worldwide.
The Covington team was led by corporate partners Scott Smith in New York and Catherine Dargan in Washington. The New York, Washington and Brussels based team included associates Michael Riella, Marianna Horton, Jonas Marson, Nicole Emch, and Michelle Garcia (corporate), partner Andrea Reister and associate Alissa Lipton (IP), and partners Timothy Hester, James Dean and David Hull and associates Michael Clancy, Gunnar Wolf and Fuad Rana (antitrust). The team worked closely with Procter & Gamble in-house lawyers Tara Hogan Charles and Kelly McDow.