Beckman won’t raise Biosite bid

Beckman Coulter Inc. said it would not increase its $1.67-billion offer to buy Biosite Inc., ending a takeover battle for the San Diego-based maker of diagnostic tests and sending its shares lower.

Biosite’s board said it considered a $92.50-a-share bid from Inverness Medical Innovations Inc. superior, according to Fullerton-based Beckman Coulter, which had offered $90 a share.

The acquisition would allow Waltham, Mass.-based Inverness, a maker of home pregnancy tests and fertility monitoring kits, to double in size, surpassing $1 billion in annual revenue, and diversify its product offerings through Biosite’s line of tests for heart conditions and other diseases.