Ventana accedes to Roche's increased purchase bid

BASEL, Switzerland & TUCSON, Ariz. Just five days ago Ventana released a statement from its board of directors recommending that stockholders not tender any of their shares to Roche for the price of $75 per share. This was the fifth extension of the offer from Roche, an offer that, seven months ago, was higher than the stock price but significantly less than the $85.33 listed for the stock at the end of the day on Friday.

Now, according to published reports, Ventana looks like it will sell to Roche but only because the Swiss company has increased its offer to $89.50 per share, a tremendous 72.3 percent increase over Ventana’s share price at the time of the initial offer. It seems the company jumped the offer because it desires Ventana’s diagnostic kits, which predict patient responses to anticancer drugs made by Roche.

From a once-bitter relationship between the two companies, this new offer has completely changed both minds, especially Ventana chief executive officer Christopher Gleeson, who said that he was “very excited” to be joining Roche.

Gleeson will continue as chief executive officer of Ventana’s business, following completion of the transaction and become a member of the Roche Diagnostics Executive Committee. Ventana will remain based in Tucson, Ariz., and its employees will become part of the combined company.