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Beckman Coulter and Biosite Enter Merger Agreement

By Labmedica staff writers
Posted on 05 Apr 2007
Beckman Coulter, Inc. More...
(Fullerton, CA, USA) and Biosite Inc. (San Diego, CA, USA) have entered into a definitive merger agreement under which Beckman Coulter will acquire all of Biosite's outstanding common stock in a cash tender offer of US$85.00 per share, or approximately $1.55 billion on a fully diluted share basis. The proposed transaction is expected to immediately accelerate Beckman Coulter's revenue growth, improve operating margins and be accretive to Generally Accepted Accounting Principles (GAAP) earnings in 2008 and beyond.

Scott Garrett, Beckman Coulter's president and CEO, said, 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 [BNP], 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. It will position Beckman Coulter as a leading provider of immunoassay tests, especially within cardiac diagnostics

Biosite's chairman and CEO Kim Blickenstaff, stated, We have enjoyed a close relationship with Beckman Coulter, and together we can enhance our delivery of high value diagnostic solutions that improve clinical and economic outcomes for acute diseases.”

Beckman Coulter will promptly commence a tender offer for all of Biosite's outstanding common stock. The offer is conditioned upon at least a majority of the outstanding Biosite shares, determined on a fully diluted basis, being tendered, as well as the satisfaction of regulatory and other customary conditions. Approval of the transaction by Beckman Coulter's shareholders is not required. It is currently expected that the transaction will close in the second quarter of 2007.

Beckman Coulter, Inc. develops manufactures and markets products that simplify automate, and innovate complex biomedical tests. More than 200,000 Beckman Coulter systems operate in laboratories around the world supplying critical information for improving patient health and reducing the cost of care. Recurring revenues consisting of supplies, test kits, service and operating-type lease payments represent more than 75% of the company's 2006 annual sales of $2.5 billion.

Biosite Incorporated, Inc. is a bio-medical company commercializing proteomics discoveries for the advancement of medical diagnosis. The company's products contribute to improvements in medical care by aiding physicians in the diagnosis of critical diseases and health conditions.


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