BioStar merger makes Cortech instant player in in vitro diagnostics market.
This article was originally published in The Gray Sheet
Executive Summary
CORTECH SHIFTING STRATEGIC FOCUS TOWARD POINT-OF-CARE DIAGNOSTICS through acquisition of privately held BioStar, valued at about $18.7 mil. Under a definitive merger agreement announced Dec. 23, Cortech would trade 28.5 mil. new shares of common stock for all of BioStar; Cortech stock closed at 21/32 on Dec. 22. "We believe that this merger will enable us to create one of the premier point-of-care diagnostics companies in the country," BioStar President and CEO Teresa Ayers remarked.