Inverness to buy Biosite after Beckman deal ended

May 18, 2007

THE REGION

Inverness Medical Innovations Inc. agreed to buy Biosite Inc., the maker of emergency-room tests for heart disease, for $92.50 a share in cash, valuing the company at as much as $1.58 billion. Biosite canceled a previous merger deal with Beckman Coulter Inc. before agreeing to Inverness's higher offer, it said. Biosite's board last month agreed to an $85 offer from Beckman Coulter, with a total value of $1.55 billion. Waltham-based Inverness will gain Biosite's rapid tests for diagnosing heart attacks and congestive heart failure. (Bloomberg)

Shares of Dusa Pharmaceuticals Inc. rose 71.9 percent after the Food and Drug Administration gave orphan status to the Wilmington company's combination of light and drug therapy as a potential treatment to block esophageal cancer. Shares rose $1.99 to to $4.76. The treatment, Levulan Photodynamic Therapy, uses the company's previously approved skin cream, Levulan, with light. Dusa is seeking clearance to sell the combination to treat esophageal dysplasia, a precancerous change of the cells lining of the esophagus. Orphan status gives the developer the right to sell the product for the approved use for seven years without competition. (Bloomberg)

TechTarget Inc., one of the week's most anticipated initial public offerings, climbed sharply in first-day trading on the Nasdaq Stock Market. The Needham-based company provides online content aimed at bringing together buyers and sellers of corporate information technology products. Shares rose $1.79, or 14 percent, to close at $14.79. Some 7.7 million shares were sold into the oversubscribed offering, which priced at the midpoint of the expected per-share price range of $12 to $14. (Dow Jones/AP)

The Federal Energy Regulatory Commission refused to halt an estimated $5 billion in consumer payments to power plant owners in New England, part of its effort to encourage backup power supplies when demand is greatest. The commission ruled "it no longer had jurisdiction to issue a stay, since the case is now pending before a federal appeals court," according to the agency. The commission should suspend the payments, which began in December 2006 and will run until June 1, 2010, while awaiting a response from a federal court judge, Connecticut Attorney General Richard Blumenthal said in a filing last month. (Bloomberg)

A former Duracell International technologist was granted probation after pleading guilty to sending trade secrets about AA batteries to competitors. Edward Grande, 49, was sentenced in New Haven by US District Judge Janet Hall. Grande, a worker in the Duracell plant in Bethel, Conn., admitted trying to hurt his company and prevent bonuses from going to executives he considered overpaid. He is to be on probation five years and must pay a $7,500 fine, the judge ruled. The competitors that received Grande's mailing returned the materials to Duracell, a unit of Gillette Co. which is now part of Procter & Gamble Co. (Bloomberg)

THE NATION

The New York Times Co. said advertising sales from continuing operations fell 3.6 percent in April as the newspaper publisher's circulation revenue dropped. Advertising sales declined 3.8 percent at the unit that includes The New York Times newspaper. At its New England Media Group, which includes The Boston Globe, ad revenue decreased 3.3 percent, the New York-based publisher said. Circulation sales from all units fell 0.7 percent. Real estate classified ad sales fell 18 percent across the company, which has struggled to retain advertisers as they chase readers onto the Internet. Revenue from newspaper websites rose 16 percent, less than the 20 percent average monthly first-quarter increase. Sales at About.com rose 27 percent. (Bloomberg)

Studies show an experimental smallpox vaccine is safe and effective -- but only for use in situations where there is a high risk of exposure to the disease, a Food and Drug Administration advisory panel said. Acambis is seeking US approval to be used in the government stockpile, but would not distribute it widely. The FDA will make the final decision, but usually follows its advisers. (Reuters)