Ventana Medical to acquire Vision Systems for $346 million

By Elaine Rigoli

Tampa, Fla., Aug. 14 - Ventana Medical Systems, Inc. will acquire Vision Systems Ltd. for about $346 million in cash for all the outstanding shares of Vision Systems and retirement of Vision Systems' convertible debt.

The merger agreement has been unanimously approved by the boards of directors of both companies.

Vision Systems' revenues from continuing operations are estimated by analysts to be about $80 million for the fiscal year ended June 30, which represents about 27% of the estimated combined revenues of the two companies for the last 12 months ended June 30.

Founded in 1987 and based in Melbourne, Australia, Vision Systems has operations in Australia, the United States and the United Kingdom and operates in two business segments: Vision BioSystems and Invetech.

Vision BioSystems is a manufacturer and marketer of automated instruments including the Peloris tissue processor and the Bond-maX advanced staining system, as well as Novocastra antibodies and biochemical reagents for biopsy-based detection of cancer and infectious diseases.

Invetech, the core product development engine of Vision Systems, is also a provider of research and product development services to diagnostic and life science companies around the globe, according to a news release.

Ventana's outlook for 2006 remains unchanged excluding any transaction accounting impact, the release said.

Tucson, Ariz.-based Ventana Medical develops, manufactures and markets instrument/reagent systems that automate slide preparation and staining in anatomical pathology and drug-discovery laboratories.

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