BioSphere Medical Acquired by Merit Medical
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: 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: 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.