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Roche starts due diligence with Ventana

Roche, the family-owned pharmaceutical firm, has entered into a confidentiality agreement with Ventana Medical Systems and will commence due diligence. This is in regard to Roche's proposal back in June to acquire all outstanding shares of Ventana for a price of $75 per share.

Ventana rejected the offer in June as "grossly inadequate" but have now allowed due diligence to commence in order to "allow Roche to recognise the significant additional value inherent in Ventana's business".

Roche has now given a deadline to the proposal of 5pm, on 17 January 2008, but has cautioned that there can be no assurance that an agreement will be reached.

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