By Lisa Kerner
Charlotte, N.C., March 26 - Beckman Coulter, Inc. entered into a definitive merger agreement to acquire Biosite Inc. in a cash tender offer of $85.00 per share, or approximately $1.55 billion, according to a company news release.
The tender offer will begin "promptly," and the transaction is slated to close in the second quarter of 2007.
Financing for the transaction has been fully committed by Morgan Stanley and Citigroup.
"This is an exciting transaction that grew out of our successful relationship with Biosite over the past four years in the area of B-type natriuretic peptide, a test that aids in the diagnosis, risk stratification and assessment of severity of heart failure and the risk stratification of patients with acute coronary syndromes," Beckman Coulter president and chief executive officer Scott Garrett said in the release.
"Additionally, the transaction will expand our offerings into near-patient testing, providing additional markets for many of our highest-value tests."
Beckman Coulter, located in Fullerton, Calif., develops products to automate biomedical tests.
Biosite is a San Diego-based biomedical company that develops products used in making medical diagnoses.
| Acquirer: | Beckman Coulter, Inc.
|
| Target: | Biosite Inc.
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| Transaction value: | $1.55 billion
|
| Payment per share: | $85.00
|
| Termination fee: | $5.6 million
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| Announcement date: | March 25
|
| Expected closing: | Second quarter of 2007
|
| Stock price for target: | Nasdaq: BSTE; $55.38 on March 23
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