Biosite Gets Sweetened Offer From Inverness

Biosite Inc. today said Inverness Medical Innovations Inc. has raised its offer to acquire Biosite to $92.50 a share, surpassing a competing offer from Beckman Coulter Inc. by $2.50 a share, or 2.7%.

Biosite, a San Diego maker of medical-testing devices, last week agreed to Beckman Coulter's $90-a-share bid. Beckman Coulter said at the time that it expected the $1.67 billion acquisition to close shortly.

Biosite said today that it is evaluating Inverness' offer, which was announced late Wednesday.

Inverness, which is based in Waltham, gave Biosite a deadline of 5 p.m. PDT Thursday to declare Inverness' offer superior to Beckman Coulter's offer.

In late March, Fullerton, Calif.-based Beckman Coulter agreed to buy Biosite for $85 a share. But Inverness Medical, a maker of diagnostic devices and pregnancy tests, emerged in April with a competing $90-a-share offer.

Beckman eventually raised its Biosite offer to $90 a share.

Biosite said it received the latest offer in a letter, accompanied by a merger agreement signed by Inverness and copies of signed commitment letters from Inverness' proposed financing sources.

Goldman Sachs & Co. is acting as financial advisor in evaluating Inverness' offer, Biosite said. (Dow Jones)