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Bidding War Ends as Inverness Plans to Acquire Biosite for $92.50 a Share

NEW YORK (GenomeWeb News) — Inverness Medical Innovations will buy Biosite after Beckman Coulter bowed out of the companies' protracted bidding war, Inverness said late yesterday on its Web site.
 
Under the purchase agreement, which comes after more than six weeks of offers, counteroffers, and negotiations, Inverness will pay $92.50 a share for 95 percent of Biosite's outstanding shares. Inverness already owns 5 percent.
 
The companies expect the deal to close at the end of the second quarter or at the beginning of the third quarter.
 
Inverness CEO Ron Zwanziger said his company plans to "quickly leverage
Biosite's strength in proprietary protein markers and robust cardiovascular
platform" with its own ongoing cardiac R&D programs.
 
Beckman Coulter said earlier in the week that it would not raise its final offer of $90 a share to buy Biosite, whose board had declared Inverness' offer to be a "superior proposal" and effectively terminated the firm's earlier, non-restrictive agreement with Beckman.
 
As expected, Inverness said it will pay the $54 million fee Biosite owes Beckman for breaking their deal.   
 
The agreement does not need to be approved by Inverness' stockholders, the companies said.
 
If the tender offer does not close by July 3, Biosite's shareholders will receive $.015205 per share per day after that until the deal is completed.

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