By Lisa Kerner
Charlotte, N.C., April 4 - Roche will acquire BioVeris Corp. for $21.50 per share in cash in a transaction valued at approximately $600 million.
Both companies' boards of directors have unanimously approved the transaction, according to a company news release.
Roche said the acquisition will enable Roche Diagnostics to expand its immunochemistry business into new markets such as life science research, patient self testing, veterinary testing, drug discovery, drug development and clinical trials.
The transaction, subject to the approval of BioVeris' shareholders, is expected to close in the third quarter of 2007.
Samuel J. Wohlstadter, BioVeris chairman and chief executive office, agreed to vote all of his shares, about 20% of BioVeris' stock, in favor of the deal. In addition, two newly formed entities established by Wohlstadter will purchase rights to certain intellectual property and technology, as well as assets associated with the company's vaccines research.
BioVeris is a global health care and biosecurity company located in Gaithersburg, Md.
Roche is a research-focused health care group based in Basel, Switzerland.
| Acquirer: | Roche
|
| Target: | BioVeris Corp.
|
| Transaction value: | $600 million
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| Payment per share: | $21.50
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| Announcement date: | April 4
|
| Expected closing: | Third quarter of 2007
|
| Stock price for target: | Nasdaq: BIOV; $13.60 on April 3
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