BioVeris Finalizes Deal

From the Associated Press:

GAITHERSBURG, Md. (AP) -- Chemical testing instrument maker BioVeris Corp. said Tuesday that its $600 million acquisition by Roche Holdings Ltd. has been completed.

Shareholders voted to approve the deal at a special meeting on Monday.

BioVeris agreed to the $21.50-per-share cash buyout by the Swiss drug company in April.

The transaction gives Roche Diagnostics entry into segments including life science research, life science development, patient self testing, veterinary testing, drug discovery, drug development and clinical trials. The deal also gives Roche ownership of BioVeris' patents for electrochemiluminescence technology deployed in its Elecsys product line.

Electrochemiluminescence is a process in which certain labels emit light when electronically stimulated.

As part of the deal, former BioVeris Chairman and Chief Executive Samuel Wohlstadter formed two entities that purchased the rights to BioVeris' vaccine research and a non-exclusive limited license to use the electrochemiluminescence technology bought by Roche.

BioVeris' stock is not expected to trade after Tuesday.

Shares of BioVeris added 6 cents to $21.50 in afternoon trading.

By Dan Beyers  |  June 26, 2007; 3:42 PM ET  | Category:  Biotech
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