Cancer diagnostics company
Ventana Medical Systems
said Wednesday that it was acquiring Spring BioScience for $28.9 million in cash.
Tuscon, Ariz.-based Ventana said it will also pay Spring shareholders up to $11.7 million tied to milestones over the next two years. Spring, which develops rabbit monoclonal antibodies and other reagents, will become a wholly owned subsidiary of Ventana.
Ventana now expects 2008 revenue in the range of $377 million to $392 million, rather than the previously expected range of $370 million to $385 million. The company raised 2008 earnings expectations by 5 cents a share, projecting earnings of between $1.91 and $2.01 a share.
For 2009, the company now predicts earnings of $2.71 to $2.85 a share on revenue of between $480 million and $500 million, compared to previous expectations of $2.62 to $2.72 a share on revenue between $470 million and $490 million.
Ventana shares nudged up 57 cents, or 0.7%, to $82.17 in Wednesday morning trading.