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This article was originally published in The Gray Sheet

Executive Summary

Roche continues pursuit of diagnostic firm Ventana Medical systems, extending its $75-per-share offer to acquire the company until Aug. 23. The drug and diagnostic giant initiated a hostile takeover of Ventana in June, originally extending the offer, equal to about $3 billion in total, through July 26. Ventana's board says the bid - a 44% premium over Ventana's June 22 stock price - is "wholly inadequate." Since the original offer, Ventana's shares have shot up about 60%, closing at $83.02 on July 27. The deal would give Roche entry into the $1 billion tissue-based testing market and provide diagnostic platforms to pair with its targeted cancer drugs (1"The Gray Sheet" July 2, 2007, p. 10)...

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