Tech Dealmaker Awards

Waltham diagnostic devices company Inverness Medical Innovations Inc. has been on a whirlwind buying spree this year — and back in April had its heart set on San Diego-based diagnostic testing firm Biosite Inc.

At the time, Biosite was in a merger agreement with Beckman Coulter Inc. to be acquired for $90 per share of common stock. Both Beckman Coulter and Inverness counter-offered, but in June 2007, Inverness beat out Beckman Coulter by offering $92.50 per share, or $1.6 billion.

Biosite is a diagnostics company, with a focus in immunology and cardiology. Biosite’s core products are Triage BNP Tests, which diagnose heart failure by testing for a specific hormone in the blood. Inverness was also interested in Biosite’s research prospects.

In August 2007, Inverness purchased blood-test maker HemoSense Inc. in an all-stock deal worth approximately $165 million. In September, the firm purchased California-based diagnostics company Cholestech Corp. in another all-stock deal valued at $330 million. In October, Inverness purchased Bio-Stat Healthcare Group, a United Kingdom distributor of medical diagnostics for more than $33 million in cash plus milestone payments. Just five days later, Inverness agreed to purchase all shares of Australian diagnostics firm Panbio Ltd. for $37 million.

And the company won’t be out of cash anytime soon. On Nov. 21, Inverness Medical completed an additional public offering that generated $806.4 million.

— Stephen Desantis is a freelance writer in Roxbury.

Category

Top Life Sciences M&A Deals Buy Side

The Deal

Inverness bought Biosite Inc. for $1.6 billion. Closed on June 26, 2007.

Key Executives

Ron Zwanziger, CEO; David Teitel, CFO; Jay McNamara, senior counsel.

Deal advisers

Legal: Goodwin Procter LLP; Cooley Godward Kronish LLP (BioSite); Potter Anderson & Corroon (BioSite).
Financial: UBS Investment Bank; Covington Associates LLC; Goldman Sachs Group Inc. (BioSite).

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