Inverness raises offer for Biosite to $92.50

New York, May 9 - Inverness Medical Innovations, Inc. increased its offer for Biosite Inc. to $92.50 per share, $2.50 more than its earlier proposal.

"As we have stated before, we are committed to consummating this compelling transaction and through this offer have enhanced the speed, certainty and value of our proposal accordingly," said Ron Zwanziger, chairman, president and chief executive officer of Inverness, in a news release.

He added: "We expect a combination with Biosite will be accretive to Inverness' cash-based EPS in the near term as we quickly leverage our unique blend of entrepreneurial culture and sophisticated technological ability with Biosite's strength in proprietary protein markers and robust cardiovascular platform."

Biosite's board previously agreed to the $90 offer in an agreement which, like the $92.50, is binding. The bid topped Beckman-Coulter, Inc.'s $85 per share.

Biosite is a San Diego-based biomedical company that develops products used in making medical diagnoses. Inverness is a Waltham, Mass., developer of in vitro diagnostic products.

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