Biosite (NASDAQ:BSTE)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Biosite Charts. Click Here for more Biosite Charts.](/p.php?pid=staticchart&s=N%5EBSTE&p=8&t=15)
Inverness Medical Innovations, Inc. (Amex: IMA) today confirmed that it
has extended a binding offer to acquire Biosite (R) Incorporated
(Nasdaq: BSTE) in a cash merger transaction for $90.00 per share.
Commenting on Biosite’s announcement, Ron
Zwanziger, Chairman, President and Chief Executive Officer of Inverness
said, “We are extremely pleased that Biosite’s
board has recognized our binding offer to acquire Biosite for $90 per
share in cash as clearly superior. We look forward to working with
Biosite and its shareholders to consummate this transaction
expeditiously and are eager to collaborate with Biosite to maximize the
value this powerful, strategic combination will create as we leverage
Biosite’s strength in proprietary protein
markers and robust cardiovascular platform together with our ongoing
research and development efforts.”
Covington Associates and UBS Investment Bank are acting as financial
advisors to Inverness. Goodwin Procter LLP is serving as legal counsel
to Inverness.
About Inverness: Inverness Medical
Innovations, Inc. is a leading developer of advanced diagnostic devices
and is presently exploring new opportunities for its proprietary
electrochemical and other technologies in a variety of professional
diagnostic and consumer-oriented applications including
immuno-diagnostics with a focus on women's health, cardiology and
infectious disease. The Company's new product development efforts, as
well as its position as a leading supplier of consumer pregnancy and
fertility/ovulation tests and rapid point-of-care diagnostics, are
supported by the strength of its intellectual property portfolio.
Inverness is headquartered in Waltham, Massachusetts.
For additional information on Inverness Medical Innovations, Inc.,
please visit our website at www.invernessmedical.com.
This press release may contain forward-looking statements within the
meaning of the federal securities laws. These statements reflect
Inverness’ current views with respect to
future events and are based on management's current assumptions and
information currently available. Actual results may differ materially
due to numerous factors including, without limitation, risks associated
with the timing of and costs of financing commitments and general
competitive factors, market and economic conditions generally, the
demand for the acquired products, the ability of Inverness to
successfully develop and commercialize the acquired products, the risks
and uncertainties described in Inverness’
annual report on Form 10-K, as amended, for the period ended December
31, 2006, and other factors identified from time to time in its periodic
filings with the Securities and Exchange Commission. Risks and
uncertainties relating to the proposed transaction include without
limitation the risks that: Biosite will not terminate its merger
agreement with Beckman Coulter; Biosite will not enter into any
definitive agreement with Inverness or, if entered into, that the terms
of any agreement will be materially different from those described
above; Inverness will not obtain the requisite debt financing for the
transaction; the anticipated benefits of the transaction will not be
realized; the changes to infrastructure will not be realized or will
cost more than anticipated; the closing conditions to any transaction
that may be entered into are not realized; and the proposed transactions
will not be consummated. Inverness undertakes no obligation to update
any forward-looking statements contained herein.
Additional Information About the Proposed Transaction and Where to
Find It:
This material relates to a business combination transaction with Biosite
proposed by Inverness, which may become the subject of a proxy statement
filed with the Securities and Exchange Commission (“SEC”).
This material is not a substitute for the proxy statement that Biosite
would file with the SEC if any agreement is reached. INVESTORS AND
SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ALL OTHER
RELEVANT DOCUMENTS IF, AND WHEN, THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION. All such documents, if filed, would be
available free of charge at the SEC’s website
(www.sec.gov) or by directing a request
to Biosite, 11030 Roselle St., San Diego, CA 92121 (619) 455-4808.
Participants in any solicitation that may occur in the event Inverness
and Biosite enter into the proposed cash merger transaction:
In the event a transaction is entered into by and between Inverness and
Biosite, Biosite and its directors, executive officers and other
employees may be deemed to be participants in any solicitation of
Biosite shareholders in connection with the proposed transaction.
Information about Biosite’s directors and
executive officers is available in Biosite’s
proxy statement for its 2006 annual meeting of stockholders, as filed
with the SEC on April 28, 2006.