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Swiss pharmaceutical firm Roche has agreed a deal to buy the US-based medical diagnostics maker Ventana Medical Systems for $3.4bn.
Roche looks to have secured the company after increasing its offer to $75 per share. Ventana, which had previously rejected the firm’s advances, will recommend that shareholders accept the price.
Ventana will keep its headquarters in Tucson, Arizona, while chief executive Christopher Gleeson will join the board of Roche’s diagnostics division.
Franz Humer, chairman and CEO of Roche, said: “We are very pleased that we were able to reach an agreement with Ventana.
“We believe that our offer provides significant value to Ventana’s shareholders and that this acquisition ideally complements Roche’s strengths.
“Our combined company will be uniquely positioned to further expand Ventana’s business globally and together develop more cost-efficient, differentiated and targeted medicines.
“We are delighted to welcome the employees and management team of Ventana and look forward to jointly developing novel solutions for our customers.”
Ventana’s president and CEO, Christopher Gleeson, added: “I am confident that Ventana’s unique position at the forefront of the emerging field of companion diagnostics and its robust growth in both advanced staining and primary staining ideally complements the strong position of Roche in the field of diagnostics and oncology over the long-term.”
Ventana, which is involved in tissue diagnostics, has 800 employees and had sales of $238.2m in 2006.
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