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Axis-Shield stand-off Alere
Thursday 7th July 2011
Axis Shield was awarded ‘Best Technology’ at the 2011 European Mediscience Awards for the Company’s Afinion™ point-of-care instrument. The award recognises technology that is innovative, well funded and capable of significant commercial success. Ian Gilham, Chief Executive Officer of Axis-Shield, collected the award at the Mediscience Awards dinner on 22 June in London
Axis-Shield with headquarters in Dundee and Oslo has "unanimously rejected a £230m cash takeover proposal made by US Massachusetts-based Alere, which has already absorbed over 60 diagnostic and health companies . The proposal was rejected on the basis "that it fundamentally undervalues the Company and its future prospects."
Alere with a $32bn market cap and more than 11,000 employees in 25 countries, already has an R&D Centre of 60 people in Stirling.
Axis-Shield formed from a 1999 merger specialises in fast-growing point-of-care diagnostic NycoCard and Afinion tests for conditions including diabetes, rheumatoid arthritis and vitamin deficiency. The company employs around 120 staff in Scotland, out of some 550 globally.
CEO Ian Gilham, said revenue in the first half of 2011 grew by about 10%, driven by its point-of-care division which supplies tests for its installed base of about 10,000 Afinion machines in doctors’ surgeries.
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