A Medical Device Daily
United Surgical Partners International (USPI; Addison, Texas) reported that its stockholders voted to adopt the previously disclosed merger agreement to be acquired by Welsh, Carson, Anderson & Stowe (New York) for about $1.8 billion, including the assumption of certain debt obligations. Under the terms of the merger agreement that was first disclosed in January (Medical Device Daily, Jan. 9, 2007), the holders of USPI common stock will receive $31.05 per share in cash for their shares. The transaction is expected to close today.
USPI currently has ownership interests in or operates 150 surgical facilities. Of USPI's 147 domestic facilities, 82 are jointly owned with not-for-profit healthcare systems. USPI also operates three facilities in London. USPI was founded in 1998 by Steen and Welsh Carson
Biosite (San Diego) reported that Inverness Medical Innovations (IMI; Waltham, Massachusetts) has provided Biosite with copies of revised commitment letters from IMI's proposed financing sources — GE Capital and UBS Securities — in connection with its previously disclosed $90-a-share acquisition proposal made to acquire all of Biosite's outstanding shares of common stock, other than Biosite shares already owned by the company.
The letters confirm that the companies have offered the necessary financing to complete the merger of IMI and Biosite.
Biosite said its board of directors, with the assistance of its financial advisor, Goldman Sachs & Co., and its legal advisors, Cooley Godward Kronish and Potter Anderson & Corroon, will review and evaluate the new information provided by Inverness.
Biosite said last week that it would evaluate IMI's offer (MDD, April 11, 2007), despite already having a merger agreement in place with an affiliate of Beckman Coulter (Fullerton, California). The IMI offer represents a per-share premium of $5 over Beckman's offering price.
The Beckman tender offer for Biosite shares is still in place and is set to expire on April 27. Additionally, the Beckman/Biosite merger has already cleared antitrust hurdles (MDD, April 18, 2007).
Biosite is a bio-medical company commercializing proteomics discoveries for the advancement of medical diagnosis. The Biosite Triage rapid diagnostic tests are used in more than 70% of U.S. hospitals and in more than 60 international markets, the company said.
In other dealmaking news: Amicas (Boston), a developer of radiology and medical image and information management solutions, has acquired certain ownership rights to Technology Partners (Charlotte, North Carolina) Imagineradiology practice management software platform. AMICAS purchased a copy of the source code to the Imagineradiology software and a comprehensive array of transition services from Technology Partners. The Imagineradiology platform will be re-branded and developed by Amicas as Vision Series Financials.
The platform is a next generation radiology practice management and billing software system designed to meet the challenges of a complex radiology billing environment. The billing system serves more than 100 practices ranging from radiology groups to large billing services. The platformmakes extensive use of modern Microsoft products, including the Microsoft Windows operating system and Microsoft SQL Server database.