You may recall that last June Roche made a $3 billion hostile bid for Ventana Medical Systems, which makes diagnostic tests that could be used to better detect cancers and use of medicines, such as the drugmaker’s Herceptin. Since then, Roche has had to extend its offer four times, since few Ventana shareholders have tendered their stock. Even so, neither side is ready to budge and talks have not been held.

Roche is unwilling to pay more than its current offer of $75 a share, but Ventana ceo Chris Gleeson insists the price is a “non-starter,” although he would be open to a deal at a significantly higher price, without specifying a figure. “The board and our shareholders understand the value of this company. If Roche wished to indicate they know the value of this company and it’s higher than $75, then we would talk to them,” Gleeson tells Reuters. “It doesn’t leave a good taste when someone goes hostile on you, but at the end of the day, it’s business. There’s really no issue with Roche.”

For his part, Humer says Roche can wait and could even consider other acquisition targets if a deal for Ventana could not be worked out. “There are always alternatives. The principle I have in life is there is never the last bride,” Humer tells Reuters. “Let’s be patient on these things. Life is long. And the company (Ventana) is well managed.”

Ventana could be worth up to $90 per share as a stand-alone business and Roche may have to raise its bid - possibly above $100 - to ensure success, some analysts say. Ventana shares soared on Roche’s initial cash offer in June, which represented a 44 percent premium to the value investors had previously assigned the company.

Gleeson says that antibodies in the pipeline for 2010 and beyond that target lung, colon, breast and prostate cancers place the value of the company well above the $75 offer on the table. He declined to name a specific value, instead pointing to Wall Street estimates of $75 to $80 a share for its core business, plus another $18 to $23 for Ventana’s companion diagnostics.