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Inverness Closing in on Biosite Acquisition

Inverness Medical Innovations Inc. reported June 26 that it had 92 percent of Biosite shares in hand with the expiration of its tender offer for Biosite stock.

The deal exceeds $1.64 billion, not including the 4.9 percent stake Inverness owned before the acquisition.

Inverness, a Waltham, Mass.-based maker of diagnostic kits, offered $92.50 per share for San Diego-based Biosite, which makes cardiac diagnostic kits.

The acquiring company said it will conduct a second tender offer at the same price, setting a June 28 deadline. Following that, Inverness said it plans to complete the merger.

Inverness beat Fullerton-based Beckman Coulter Inc. in a bidding war for Biosite in the spring. Before the bidding war, Biosite stock was trading in the $50 range.

, Brad Graves

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