San Diego’s Biosite Inc., set to be acquired by Fullerton-based Beckman Coulter Inc. for $1.55 billion, has received a competing bid from Inverness Medical Innovations Inc. of Waltham, Mass.
Inverness, a maker of diagnostic medical tests, already owns 5% of Biosite.
The company is offering $90 per share for Biosite, versus Beckman’s $85 a share offer announced on March 25.
Inverness’ offer is a 7% premium from Biosite’s Wednesday close. Beckman’s offer was a 53% premium from where Biosite was trading before the announcement.
Beckman, which makes instruments and chemicals for medical testing and research, said it is sticking with its offer and could close a deal within 30 days.
Scott Garrett, Beckman’s chief executive, called the Inverness offer “unsolicited” and “highly speculative.”
Inverness said it plans to offer full terms of a deal in two days, saying they would be comparable to Beckman’s offer.
Biosite’s directors are evaluating Inverness’ letter with input from Goldman Sachs & Co. and law firms Cooley Godward Kronish LLP and Potter Anderson & Corroon LLP.
The company makes tests to diagnose heart failure, as well as detect drug use and intestinal parasites. It works with big drug makers to identify genetic indicators of heart disease.
Biosite had $300 million in sales last year.
Beckman makes instruments and chemicals for laboratories running tests for doctors as well as for drug and other medical researchers. It had sales of $2.4 billion last year.
The Biosite buy would push Beckman further into biotechnology research.
Inverness has yearly sales of about $600 million and a market value of nearly $2 billion. The company is perhaps best known for home pregnancy tests and fertility monitors sold under brands Clearblue Easy, Fact Plus and Accu-Clear.
It also makes vitamins and nutritional products including StressTabs vitamins and Posture-D calcium supplements.
