After raising nearly $40 million in VC funds, Epocal, a Canadian provider of biochips and the micro-fabrication of solid-state diagnostic devices, has been acquired by Alere (NYSE: ALR) for approximately $166 million in cash. The transaction provided an exit for investors including Genesys Capital Partners, Highland Capital Management and MMV Financial. The deal includes a $15 million payment for the achievement of two financial milestones specified in a definitive agreement signed in 2009. Additional payments of up to $75.5 million could be triggered if further milestones are achieved.
