Wallace advises leading US clinical testing laboratory on its first European acquisition

February 2007

Wallace has advised Genova Diagnostics (a leading US specialty clinical laboratory providing innovative tests and services for the promotion of optimal health) on the acquisition of Individual Wellbeing Diagnostic (IWDL) – which offers the most advanced diagnostic laboratory services available in the UK.

The combination of Genova and IWDL to create “Genova Europe” will offer significant benefits to customers in the UK, including expanded testing, clinical education, and improved service. James Cook, IWDL managing director, said: “Our merger with Genova represents the next logical step in the growth of IWDL. With Genova, we will be better able to achieve our mission of delivering the highest quality, innovative laboratory testing services to our customers in the UK.”

The deal required legal issues to be addressed both in the US and the UK and involved Wallace working in close and effective collaboration with Genova’s Washington based lawyers.

Wallace has advised on a significant number of US transactions in recent months including the sale of technology company Whittaker Garnier to Strategic Financial Solutions of New York and the reverse takeover by an AIM listed client of Tomco, a Utah energy resource company, as well as advising Canadian Company Faces Cosmetics on its AIM admission.

Rex Newman, managing partner at Wallace, said “It’s an exciting time for the firm as we gain an increasing amount of international work. Several of our corporate partners and senior lawyers have worked in the US or have been London partners at US firms and have strong experience of cross border work, so we are well placed to advise UK and foreign companies on transatlantic corporate deals.  We look forward to continuing to expand the size and scope of the transactions we advise on.”

Howard Kennedy acted for the shareholders of IWDL.