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Ventana snaps up Spring Bioscience

This article was originally published in The Gray Sheet

Executive Summary

Tissue-based cancer diagnostics firm Ventana gains next generation rabbit monoclonal antibodies and other reagents to aid development of companion diagnostics for use with drugs through its $28.9 million cash purchase of Spring Bioscience. Announced Sept. 5, the deal for Fremont, Calif.-based Spring Bioscience will include up to an additional $11.7 million in milestone payments over the next two years - which could put its total value at $40.6 million. As a result of the purchase, Ventana increased its 2008 revenue forecast by $7 million - to a range of $377 million-$392 million. Ventana itself remains subject to a hostile takeover attempt by Roche that values the company at $3 billion (1"The Gray Sheet" Aug. 27, 2007, In Brief)...

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