Friday, May 18, 2007

Inverness Medical Buys Biosite

Inverness Medical Innovations said Thursday afternoon that it has agreed to buy San Diego's Biosite Incorporate, in a deal worth $92.50 per share, approximately $1.57B. Biosite is commercialization proteomics products for medical diagnosis. Biosite said that it has terminated its previously announced merger agreement with Beckman Coulter. Beckman Coulter had offered $90.00 per share for Biosite. The deal is expected to close by July 3rd. Inverness was advised by UBS Investment Bank; Goldman Sachs & Co. advised Biosite in the deal.