Shares of Ventana Medical Systems surged this morning after investors reacted to Roche's $3 billion hostile takeover bid. Roche's $75 per share offer reflected a 44 percent premium on Ventana stock. It also represented another ambitious step into diagnostics work for Roche. The pharma giant has acquired 454 Life Sciences [1], Bioveris [2] and Nimblegen in the last few months and says it may make other acquisitions in the same space. Roche says it made a number of friendly overtures to Ventana's board, but was rejected each time. Maybe saying "no" was just the right approach to fixing a higher price.
- check out the AFX report
[3]- and here's the report [4] from TheStreet
Related Articles:
Roche shakes up R&D, eyes new buyouts. Report [5]
Roche to boost R&D spend, reorganize research. Report [6]
Links:
[1] http://www.fiercebiotech.com/story/roche-snares-454-s-sequencing-tech-in-buyout/2007-03-29
[2] http://www.fiercebiotech.com/story/roche-strikes-600m-deal-to-buy-bioveris/2007-04-04
[3] http://www.forbes.com/markets/feeds/afx/2007/06/26/afx3857644.html
[4] http://www.thestreet.com/newsanalysis/medicalservices/10364856.html?puc=googlefi
[5] http://www.fiercebiotech.com/story/roche-shakes-up-rd-eyes-new-buyouts/2007-02-07
[6] http://www.fiercebiotech.com/story/roche-to-boost-rd-spend-reorganize-research/2007-02-05