Medical Diagnostics Maker Biosite Acquired by Inverness

 

May 18, 2007

May 18, 2007 — Inverness Medical Innovations Inc. and Biosite Inc. have announced the companies have entered into a definitive merger agreement under which Inverness will acquire all of Biosite’s outstanding common stock not already owned by Inverness in a cash tender offer for $92.50 per share.

Biosite is a leading bio-medical company commercializing proteomics discoveries for the advancement of medical diagnosis. The company's products contribute to improvements in medical care by aiding physicians in the diagnosis of critical diseases and health conditions. The Biosite Triage rapid diagnostic tests are used in more than 70 percent of U.S. hospitals and in more than 60 international markets.

Prior to entering into the merger agreement with Inverness, Biosite terminated the merger agreement it previously entered into with Beckman Coulter and its acquisition subsidiary in accordance with its terms.

For more information visit www.invernessmedical.com and www.biosite.com, as well as www.sec.gov.