Medical device manufacturer Biosite said Thursday it received an unsolicited letter from Inverness Medical offering $90 per share, or $1.6 billion, for the company.
The bid trumps an earlier offer by Beckman Coulter for $1.55 billion.
Medical diagnostic product manufacturer Inverness indicated it would make a formal offer after a two day investigation of the company and would set agreement terms similar to those of Beckman Coulter.
Inverness currently controls 4.9 percent of Biosite’s stock.
Beckman Coulter, which manufactures biomedical testing products, reaffirmed Thursday its intent to acquire Biosite.
“Beckman Coulter is proceeding, as planned, with a fully financed, cash offer for Biosite that is clearly superior to the unsolicited, highly speculative and conditional letter that Biosite has received from Inverness Medical Innovations.” said Scott Garrett, Beckman Coulter’s President and CEO.