ISS Recommends That BioVeris Shareholders Vote for Merger
15 June 2007 - 4:00AM
PR Newswire (US)
GAITHERSBURG, Md., June 14 /PRNewswire-FirstCall/ -- BioVeris
Corporation (NASDAQ:BIOV), today released the following comment on
the recommendation by Institutional Shareholder Services Inc. (ISS)
that shareholders of BioVeris should vote FOR BioVeris' pending
merger with a subsidiary of Roche Holding Ltd at BioVeris' special
meeting to be held on June 25, 2007. ISS is widely recognized as
the nation's leading independent proxy voting and corporate
governance advisory firm. Its analyses and recommendations are
relied upon by hundreds of major institutional investment firms,
mutual funds and fiduciaries throughout the United States. Earlier
this week, Glass Lewis & Co., another independent proxy
advisory firm, also recommended that BioVeris shareholders vote FOR
the merger. Samuel Wohlstadter, Chairman of the Board and CEO of
BioVeris, stated "We are very pleased that ISS and Glass Lewis, two
highly respected and truly independent advisory firms, support
BioVeris' merger transaction and recognize the benefits of this
transaction to BioVeris' shareholders." As previously announced,
BioVeris will be holding a special meeting of shareholders to vote
on the Agreement and Plan of Merger pursuant to which BioVeris will
be acquired by Roche for cash consideration of $21.50 per share, or
a total of approximately $600 million. About BioVeris Corporation
BioVeris Corporation is a global health care and biosecurity
company developing proprietary technologies in diagnostics and
vaccinology. The Company is dedicated to the development and
commercialization of innovative products and services for
healthcare providers, their patients and their communities.
BioVeris is headquartered in Gaithersburg, Maryland. Further
information about BioVeris is available at
http://www.bioveris.com/. About Roche Headquartered in Basel,
Switzerland, Roche is one of the world's leading research-focused
healthcare groups in the fields of pharmaceuticals and diagnostics.
As the global leader in biotechnology, Roche contributes on a broad
range of fronts to improving people's health and quality of life by
supplying innovative products and services for the early detection,
prevention, diagnosis and treatment of diseases. Roche is the world
leader in in-vitro diagnostics, the leading supplier of drugs for
cancer and transplantation and a market leader in virology. It is
also engaged in other important therapeutic areas including
autoimmune, inflammatory and metabolic disease and diseases of the
central nervous system. In 2006 sales by the Pharmaceuticals
Division totaled 33.3 billion Swiss francs, and the Diagnostics
Division posted sales of 8.7 billion Swiss francs. Roche employs
roughly 75,000 people worldwide and has R&D agreements and
strategic alliances with numerous partners, including majority
ownership interests in Genentech and Chugai. Additional information
about the Roche Group is available on the Internet at
http://www.roche.com/. DATASOURCE: BioVeris Corporation CONTACT:
George Migausky of BioVeris Corporation, +1-301 869-9800, ext.
2013; or Investors, Jonathan Fassberg of The Trout Group,
+1-212-477-9007, ext. 16; or Media, Andrew Cole or Lesley Bogdanow,
both of Sard Verbinnen & Co, +1-415-618-8750, +1-212-687-8080,
all for BioVeris Corporation Web site: http://www.bioveris.com/
http://www.roche.com/
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