Roche makes bid for Ventana

By Lisa Kerner

Charlotte, N.C., June 25 - Roche said it will make a tender offer to acquire all outstanding shares of the common stock of Ventana Medical Systems Inc. for $75.00 per share in cash, or a total of $3 billion.

The per-share price is a 55% premium to Ventana's three-month average of $48.30.

This is not the first time Roche has made overtures to the medical device company, which has declined to enter transaction discussions.

"We believe our proposal for Ventana represents a unique opportunity for both our companies and their respective stockholders," Roche chairman and chief executive officer Franz B. Humer said in a company news release.

"Ventana will be an outstanding addition to the Roche Group, and we believe we are the best strategic partner to capitalize on Ventana's potential. Our compelling, all-cash proposal and attractive premium recognize both the value created by Ventana to date and its future prospects."

Ventana's experience in tissue-based testing is expected to complement Roche's in-vitro diagnostic and life science businesses. If the bid is successful, Roche plans to retain Ventana's Tucson headquarters and to operate the company as a dedicated business within the Roche diagnostics division.

Roche was advised by Greenhill & Co. and Citi, along with legal counsel Davis Polk & Wardwell. The pharmaceutical and diagnostics company is based in Basel, Switzerland.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.