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Inverness
Announces Successful Completion of Tender Offer for
Biosite
WALTHAM, Mass.--(BUSINESS
WIRE)--Inverness Medical Innovations Inc. (AMEX: IMA -
News) today announced the successful completion of its
tender offer for the outstanding shares of Biosite
Incorporated (NASDAQ: BSTE - News), the initial tender
period for which expired at midnight, New York City
time, on Monday, June 25, 2007. 15,759,794 shares
representing approximately 87.6% of Biosite's
outstanding common stock were tendered and not withdrawn
prior to the expiration of the initial tender offer
period, including 2,045,999 shares representing
approximately 11.4% of Biosite's outstanding common
stock which were tendered by notice of guaranteed
delivery. The tendered shares, together with the 750,000
shares that Inverness currently owns represent
approximately 91.7% of Biosite common stock. All shares
that were validly tendered and not withdrawn have been
accepted for purchase.
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Inverness Medical
Innovations Agrees to Acquire Cholestech Corporation
WALTHAM, Mass. and HAYWARD, Calif., June 4 /PRNewswire-FirstCall/
-- Inverness Medical Innovations, Inc. (Amex: IMA) and
Cholestech Corporation (Nasdaq: CTEC) today announced
that they have entered into a definitive merger
agreement pursuant to which Inverness will acquire
Cholestech Corporation, in a stock for stock merger at a
fixed exchange ratio of 0.43642 shares of Inverness
common stock for each share of common stock of
Cholestech.
Cholestech is a leading
provider of diagnostic tools and information for
immediate risk assessment and therapeutic monitoring of
heart disease and inflammatory disorders. Inverness, a
leading manufacturer and marketer of rapid diagnostic
products for the consumer and professional markets,
expects opportunities to develop between Cholestech and
its existing point of care organization as well as with
those of other recently acquired and to-be- acquired
companies and expects the transaction to be accretive in
the short term.
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Quest
Diagnostics Acquires HemoCue
Enters Market for
Near Patient Testing
Quest Diagnostics Incorporated, the leading U.S.
provider of diagnostic testing, information and
services, announced that it has acquired HemoCue, a
Swedish company specializing in near patient testing,
also known as point-of- care testing, from the private
equity firm EQT II B.V. in a cash transaction valued at
approximately $420 million.
The acquisition will allow
Quest Diagnostics to enter the growing near patient
testing market and leverage HemoCue's international
presence to reach new markets around the world. The
transaction, which has been financed through a new
credit facility, is not expected to have a material
impact on Quest Diagnostics' 2007 financial results.
Additional terms of the transaction were not disclosed.
To view the
Multimedia News Release,
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Abbott to Sell Its
Core Laboratory Diagnostics Business, Including Point of
Care, to GE
Abbott has announced that
it will sell its core laboratory diagnostics business
included in the Abbott Diagnostics Division and Abbott
Point of Care (formerly known as i-STAT) to GE for
$8.13 billion in cash,
resulting in approximately $6
billion in after-tax proceeds.
Abbott's Molecular Diagnostics and
Diabetes Care (glucose monitoring) businesses are not part of
the transaction and will remain part of Abbott. Over the past several years, Abbott
has made a number of acquisitions and completed other strategic
actions that have transformed the company and positioned it for
higher growth by strengthening the mix of its medical and
pharmaceutical portfolio toward innovation and technology-driven
businesses in emerging therapeutic areas. These include:
Knoll Pharmaceuticals in 2001, TheraSense (blood glucose
monitoring) in 2004, and Guidant's vascular business and Kos
Pharmaceuticals (a leader in lipid management medicines), both
in 2006.
Additionally, Abbott spun off
its hospital products business into a separate
NYSE-traded company named Hospira in 2004.
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