Roche begins due diligence in bid for Ventana

By Lisa Kerner

Charlotte, N.C., Nov. 13 - Ventana Medical Systems, Inc. said it entered into a confidentiality agreement with Roche that will allow Roche to begin the due diligence process.

On June 27, Roche began a $75-per-share tender offer for Ventana. The offer is slated to end at 5 p.m. ET on Jan. 17.

Ventana's board believes the due diligence and related discussions will help Roche "recognize the significant additional value inherent in Ventana's business," a Ventana news release stated. The company reiterated its belief that Roche's $75-per-share offer is "grossly inadequate" as Ventana's share price "has consistently traded well above Roche's offer."

It was previously reported that Roche claimed its $3 billion offer is full and fair.

Ventana said there can be no assurance that an agreement with respect to the acquisition of the company will be reached.

Ventana is a medical device company located in Tucson, and Roche is a Basel, Switzerland-based pharmaceutical and diagnostics company.

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