| 1 min read
Register for free to listen to this article
Listen with Speechify
0:00
1:00
WALTHAM, Mass.—In a corporate tug-of-war that has played out over the past few weeks, Inverness Medical Innovations announced that it has entered into a definitive merger agreement under which it will acquire all outstanding common stock of Biosite that it does not already own. In doing so, it beat out strong interest from Beckman Coulter for the same property.
 
"After many months of hard work and dedication, we are gratified to have reached an agreement with Biosite that maximizes value for their stockholders while offering the advantages and growth potential of this powerful strategic combination to our own stockholders," says Inverness Chair and CEO Ron Zwanziger. "We expect that a combination with Biosite will be accretive to Inverness' cash-based EPS in the near term as we quickly leverage Biosite's strength in proprietary protein markers and robust cardiovascular platform together with our ongoing research and development efforts in the cardiac arena."
 
Inverness finally won the bidding war with a cash tender offer of $92.50/share, which beat out Beckman Coulter's most recent offer of $90/share. With the bidding war brewing over the last two months, Biosite has seen its stock price jump from the low $50/share range to the low $90/share range. By opting to go with Inverness, Biosite will pay a $54-million termination penalty to Beckman Coulter.

About the Author

Related Topics

Loading Next Article...
Loading Next Article...
Subscribe to Newsletter

Subscribe to our eNewsletters

Stay connected with all of the latest from Drug Discovery News.

Subscribe

Sponsored

Gold circles with attached purple corkscrew shapes represent gold nanoparticles against a black background.

Driving gene therapy with nonviral vectors 

Learn why nonviral vectors are on the rise in gene therapy development.
A 3D digital illustration of a viral spike protein on a cell surface, surrounded by colorful, floating antibodies in the background

Milestone: Leapfrogging to quantitative, high throughput protein detection and analysis

Researchers continuously push the boundaries of what’s possible with protein analysis tools.
Blue cancer cells attached to a cellular surface against a bright blue background in a 3D rendering of a cancer infection.

Advancing immuno-oncology research with cellular assays

Explore critical insights into immunogenicity and immunotoxicity assays for cancer therapies.
Drug Discovery News November 2024 Issue
Latest IssueVolume 20 • Issue 6 • November 2024

November 2024

November 2024 Issue

Explore this issue