Ventana Medical Systems has once again turned its nose up at Roche's avid pursuit of the company, rejecting the pharma giant's $75 per share bid as inadequate in several respects. Roche has been rapidly building up a new diagnostics division with its acquisition of several small and medium-sized biotechs. Ventana specializes in the analysis of human tissue in diagnosing cancer and infectious diseases. Ventana says it will "vigorously resist" Roche's bear hug as it shrugs off the 44 percent premium being offered shareholders. More money may help turn resistance into acceptance, but there's no word yet from Roche over its willingness to sweeten the bid. Roche took the hostile path after Ventana declined overtures to discuss an acquisition.
- see the announcement [1] from Ventana's board
- here's the report [2] from The Wall Street Journal (sub. req.)
Related Articles:
Ventana shares soar on hostile $3B bid. Report [3]
Roche shakes up R&D, eyes new buyouts. Report [4]
Roche to boost R&D spend, reorganize research. Report [5]
Links:
[1] http://www.fiercebiotech.com/node/7579
[2] http://online.wsj.com/article/SB118415643032363197.html?mod=googlenews_wsj
[3] http://www.fiercebiotech.com/story/ventana-shares-soar-on-hostile-3b-bid/2007-06-26
[4] http://www.fiercebiotech.com/story/roche-shakes-up-rd-eyes-new-buyouts/2007-02-07
[5] http://www.fiercebiotech.com/story/roche-to-boost-rd-spend-reorganize-research/2007-02-05