Beckman to acquire Biosite

Beckman Coulter Inc., a Fullerton company that makes testing instruments used in hospital labs, announced Sunday that it would acquire another biomedical firm, Biosite Inc., for $1.55 billion.

In a combination that would strengthen its position in the medical diagnostic field, Beckman said it would acquire all the San Diego company’s stock in a cash offer of $85 a share -- a 53% premium over Biosite’s closing stock price of $55.38 on Friday.

Biosite makes a test called Triage BNP that is used to help diagnose congestive heart failure within 15 minutes.

If a patient goes to the emergency room suffering from shortness of breath, the test can help determine whether it’s a panic attack or something more life-threatening.

As the population ages, tests that detect cardiovascular problems are expected to be in great demand.

Beckman Chief Executive Scott Garrett said the cardiac test brought the two companies together.

“We’ve been talking since we first started collaborating about four years ago,” Garrett said. “The discussions ultimately have led to the acquisition.”

Garrett said he expected the acquisition to provide an immediate boost to Beckman Coulter.

One example of a benefit from the combination, he said, is that Biosite’s lab tests could be run through Beckman’s high-speed, highly automated lab systems.

Biosite also has tests that help diagnose bacterial and parasitic infections and detect prescribed and illegal drugs in a patient’s system.

The company said its Triage line of rapid diagnostic tests was used in more than 70% of U.S. hospitals.

Beckman said it would use its global presence to broaden the sales of Biosite’s immunoassay tests. Currently, 85% of Biosite’s sales come from within the United States.

“I think that a number of new tests will be available to people all over the world a lot sooner, thanks to this acquisition,” Garrett said. “Tests for stroke, for blood-borne infections, sepsis, acute kidney failure. All of these very life-threatening conditions will be diagnosed faster and with a lot more confidence than they can currently be diagnosed.”

Biosite CEO Kim Blickenstaff issued a statement lauding the acquisition.

“Our focus is clearly aligned with Beckman Coulter’s dedication to improving patient care and reducing the cost of care,” Blickenstaff said.

The acquisition is to be completed by June, pending regulatory approval.

Beckman was founded by Arnold O. Beckman, a scientific visionary whose inventions transformed chemistry. Beckman’s instruments, such as ultracentrifuges, have been used by scientists in work that won them Nobel Prizes.

Beckman Instruments grew from two employees working in a tiny garage in Pasadena to a company that now employs about 10,000 people worldwide and reported revenue of $2.53 billion last year.

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