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Roche To Buy Maker Of Drug-Test GearBASEL, Switzerland (AP) — Roche Holding, the Swiss pharmaceuticals company, said on Tuesday that it would pay $3.1 billion for Ventana Medical Systems Inc., which makes drug testing instruments. The deal fell into place after Roche raised its offer by about 19 percent a share to $89.50 from $75, Roche said. The company’s American headquarters, Hoffmann-La Roche Inc., is based in Nutley, N.J. Based on the amount of Ventana’s shares outstanding as of Sept. 30, the deal is valued at $3.1 billion. The two companies valued the deal at $3.4 billion. Ventana’s board, which had previously rejected Roche’s advances, will recommend that shareholders accept the offer, according to a joint statement by the two companies. Roche shares closed up 0.9 percent in trading in Zurich. Shares of Ventana climbed $3.69, or more than 4 percent, to $89.02. Analysts said the increased offer from Roche came as no surprise. Roche has been trying to take over Ventana since June, and extended its offer five times before clinching the deal. “The higher price despite market turbulences is somewhat mitigated by the lower value of the U.S. dollar,” analysts at Zuercher Kantonalbank said, adding that Roche can now add tissue diagnostics to its portfolio. The Roche chief executive, Franz B. Humer, said Ventana would complement his company’s existing diagnostics division. Ventana will keep its headquarters in Tucson, Ariz., while its chief executive, Christopher M.Gleeson, will join the board of Roche’s diagnostics division, the statement said. Ventana has 800 employees and notched sales of $238.2 million (164.48 million euros) in 2006. The company develops and sells instruments and chemicals used to automatically prepare tissue samples for cancer screening and the testing of new drugs. Tag CloudExternal InformationAdditional InformationBank of America Profit Rises 5 Percent...Disney Tolerates a Rap Parody of Its Critters. But Why?... A&L, Abbey, Coventry and Godiva to pull 125% mortgages... J. A. Riggs Jr., 73, Who Oversaw Updating of Printing at Times, Is Dead... Where Am I?News Main Page - Business - Roche To Buy Maker Of Drug-Test Gear |
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