Roche to acquire BioVeris

Roche (SWX:ROG) said it will acquire diagnostic company BIOV for $21.50 per share in cash, or about $600 million. The deal price is a 58% premium to BIOV's close of $13.60 on Tuesday. ROG said the acquisition expands its immunochemistry business from human diagnostics into research, patient self testing, veterinary testing and clinical trials. The deal gives ROG the complete patent estate covering BIOV's electrochemiluminescence (ECL) technology, which ROG uses in its Elecsys product line. The deal is expected to close in 3Q07. Lehman and Houlihan Lokey Howard & Zukin are advising BIOV. ...