Inverness Medical Innovations announced the successful completion of its tender offer for the outstanding shares of Biosite. 

According to Inverness, roughly 15.7 million shares, representing approximately 87.6 percent of Biosite’s outstanding common stock, were tendered and not withdrawn prior to the expiration of the initial tender offer period. The tendered shares, along with the 750,000 that Inverness currently owns, represent approximately 91.7 percent of Biosite common stock.

Inverness said it expects to complete the acquisition of Biosite through a short-form merger in which shares of Biosite common stock not purchased in the tender offer will be converted into the right to receive $92.50 per share in cash, without interest. 

Biosite will become a wholly owned subsidiary of Inverness and shares of Biosite’s common stock will cease to be traded on the Nasdaq Global Select Market, Inverness said.