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Pharmaceutical giant Roche has announced that it is poised to complete its acquisition of Ventana Medical Systems.
Roche, which is based in Switzerland, said it has acquired 93.7% of Ventana shares and expects to force through a merger with the American firm without the approval of the remaining shareholders.
Back in January, Roche won approval for the deal from Ventana’s board, after it upped its offer per share by about 19% to $89.50, which valued Ventana at $3.4bn.
Roche’s chief executive Franz Humer said: “This is a truly exciting day for Roche. Ventana broadens Roche’s diagnostic offerings and complements Roche’s strong existing position in invitro diagnostic systems. Incorporating Ventana will enhance our position as the world’s leading personalised healthcare company.
“We are happy to officially welcome Ventana’s employees to the Roche Group and will begin the integration of our businesses immediately.”
Ventana develops and sells instruments and chemicals used to automatically prepare tissue samples for cancer screening and the testing of new drugs.
It has a workforce of around 800 and achieved sales of $238.2m in 2006.
Copyright © PA Business 2008
