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Biosite Receives Revised Letters from Inverness' Financial Backers

NEW YORK (GenomeWeb News) — Biosite yesterday received another set of revised commitment letters from Inverness Medical Innovations’ proposed financing sources related to Inverness’ offer to buy the diagnostics company for $90 a share, the company said today.
 
Inverness initially sent Biosite the commitment letters on April 4, then submitted a revised set of letters earlier this week.   
 
Biosite today filed the complete set of yesterday’s commitment letters with the US Securities and Exchange Commission. The letters are being filed as exhibits relating to its “pending merger agreement with Beckman Coulter,” which offered to buy Biosite for $85 a share.
  
That bid was cleared by the Federal Trade Commission earlier this week.
 
Biosite said on April 10 that its agreement with Beckman “remains in effect,” although it has been meeting with Inverness to discuss and examine their offer.
  
Scott Garrett, Beckman’s CEO, has questioned the firmness of Inverness’ financing commitments, saying they contain “remarkably broad conditions and contingencies.
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