Rockland, MA-based BioSphere Medical, a developer of treatments for tumors, vascular malformations, and uterine fibroids, announced on Thursday that it will be acquired by Utah’s Merit Medical Systems (NASDAQ: [[ticker:MMSI]]) for $96 million in cash. The deal, which is expected to close third quarter of 2010 pending regulatory and stockholder approval, puts BioSphere (NASDAQ: [[ticker:BSMD]]) common stock at $4.38 a share, a 54 percent premium over its closing price on May 12. Later on Thursday, the law firm Levi & Korsinsky announced it was investigating the board of BioSphere for potentially failing to adequately shop around for a higher-paying buyer for BioSphere. Luke profiled BioSphere, which makes bio-engineered microspheres to be injected to cut off the blood supply to tumors and other formations, a couple of years ago.
Author: Erin Kutz
Erin Kutz has a background in covering business, politics and general news. She holds a bachelor’s degree in journalism from Boston University. Erin previously worked in the Boston bureau of Reuters, where she wrote articles on the investment management and mutual fund industries. While in college, she researched for USA Today reporter Jayne O’Donnell’s book, Gen Buy: How Tweens, Teens and Twenty-Somethings Are Revolutionizing Retail. She also spent a semester in Washington, DC, reporting Capitol Hill stories as a correspondent for two Connecticut newspapers and interning in the Money section of USA Today, where she assisted with coverage on the retail and small business beats. Erin got her first taste of reporting at Boston University’s independent student newspaper, as a city section reporter and fact checker and editor of the paper’s weekly business section.
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