Inverness completes acquisition of Biosite

By Lisa Kerner

Charlotte, N.C., June 29 - Inverness Medical Innovations Inc. completed its $92.50-per-share acquisition of Biosite Inc. as planned through a cash tender offer and a subsequent merger of a wholly owned subsidiary with and into Biosite.

The companies announced a definitive merger agreement on May 17.

All outstanding shares of Biosite common stock not validly tendered and accepted for payment in the tender offer were converted into the right to receive $92.50 per share in cash, without interest.

Biosite shares stopped trading at the close of business on June 28 and will be delisted from the Nasdaq.

"We are very pleased to complete our acquisition of Biosite and, thanks to the solid groundwork already laid by our integration teams, we are ready to commence what we expect to be a very smooth and rapid integration process," Inverness chairman, president and chief executive officer Ron Zwanziger said in a company news release.

"As a combined entity, we can now begin leveraging our expanded product pipeline to enhance our strategic position and long-term growth opportunities in the cardiology field."

Biosite is a San Diego-based biomedical company, and Inverness is a diagnostic device developer based in Waltham, Mass.

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