Inverness and Biosite make it official
This article was originally published in The Gray Sheet
Executive Summary
Definitive merger agreement calls for Inverness to buy heart test maker Biosite for $92.50 per share, valuing the company at roughly $1.58 billion based on Biosite's 17.1 million shares outstanding as of March 31. Announced May 17, the deal will require Biosite's payment of a $54 million breakup fee to its former merger partner Beckman Coulter, for which Biosite will be reimbursed by Inverness. Beckman Coulter had bid $90 per share, or about $1.54 billion based on Biosite's shares outstanding, and announced May 14 that it would not increase its offer. Diagnostics firm Inverness plans to "quickly leverage Biosite's strength in proprietary protein markers and robust cardiovascular platform together with [Inverness'] ongoing research and development efforts in the cardiac arena," states CEO Ron Zwanziger. The deal is expected to close in early summer (1"The Gray Sheet" May 14, 2007, In Brief)...