Inverness completes Biosite acquisition

Diagnostic device maker Inverness Medical Innovations Inc. today said it completed its acquisition of Biosite Inc., a medical diagnostic company, for $92.50 per share.

Inverness bid for the company against Beckman Coulter Inc. In March, Fullerton, Calif.-based Beckman, which makes biomedical laboratory instruments, said it would pay $1.55 billion, or $85 per share, for Biosite in a tender offer. The companies had a relationship spanning four years, collaborating on tests to diagnose heart illnesses.

But in early April, Inverness made an unsolicited bid of $90 per share. In early May, Beckman sweetened its offer to $90 per share after Biosite said it was considering the Inverness offer.

Inverness then increased its bid to $92.50 per share and Beckman bowed out of the bidding.

Biosite shares ceased trading at the close of business on Thursday and will be delisted from Nasdaq.

Inverness shares were unchanged at $51.63 in morning trading. (AP)