Beckman Coulter sweetens Biosite bid to $1.67 billion
This article was originally published in The Gray Sheet
Executive Summary
Biosite suitor Inverness Medical Innovations is weighing its next move after its unsolicited $90-per-share offer for heart test maker Biosite is matched by Beckman Coulter. Biosite initially had agreed to be acquired by Beckman for $85 per share, or $1.55 billion, on March 24. However, Biosite subsequently determined that Inverness' April 4 bid was superior to the initial Beckman deal. An amended merger agreement between Biosite and Beckman announced May 2 is worth $1.67 billion, according to Biosite. Under the revised deal, Beckman's $90-per-share cash tender offer will be open until May 15. "In light of this development we are evaluating our alternatives," Inverness CEO Ron Zwanziger said during the firm's Q1 earnings call May 2 (1"The Gray Sheet" April 30, 2007, p. 10)...
You may also be interested in...
Inverness’ even bigger bid for Biosite puts ball back in Beckman’s court
Latest salvo in the bidding war for heart test maker Biosite comes from Inverness Medical Innovations, raising its offer to $92.50 per share. Biosite recently inked an amended deal with Beckman Coulter valued at $90 per share to match Inverness' prior unsolicited proposal. Biosite says it is weighing the latest Inverness offer (1"The Gray Sheet" May 7, 2007, In Brief)...
Beckman Coulter Ponders Inverness’ “Superior” Bid For Biosite
Beckman Coulter has until May 2 to engage in a bidding war with Inverness Medical Innovations for cardiac diagnostic maker Biosite
Japan Grants Global-First Approval To Zolbetuximab, 15 Other New Drugs
Astellas's first-in class CLDN18.2-targeting antibody receives its first approval worldwide, while crovalimab and a number of drugs for rare diseases also receive nods from regulators and are now awaiting reimbursement price-listing.