In a move that could complement its other recent acquisitions, Roche Holding Ltd (OTC: RHHBY) yesterday made a $75-a-share hostile bid for Ventana Medical Systems, Inc (NASDAQ: VMSI). The $3 billion cash offer would allow Roche to gain a test Ventana developed to screen patients who could respond to the Swiss pharmaceutical giant's breast cancer medicine, Herceptin. The main goal of acquiring Ventana would be to "move closer toward delivering tools to select the right drugs for the right patients, rather than saving costs," Roche CEO Franz Humer told the Wall Street Journal.

Roche has already agreed to three other diagnostic acquisitions this year: The company agreed to buy CuraGen Corporation's (NASDAQ: CRGN) 454 Life Sciences in March for $140 million, allowing it to gain the company's DNA-mapping technology, and later agreed to acquire BioVeris Corporation (NASDAQ: BIOV) for $600 million and NimbleGen Systems for $272.5 million. The acquisition of BioVeris will add a screening technology that stimulates cells to emit light, while the NimbleGen acquisition would add more genetic tools for drug research.

Should an acquisition be seen as a sure thing? No, executives at Ventana said. Although Roche has made several friendly efforts to engage in "meaningful discussions" with Ventana's chairman and board concerning a transaction, Ventana has so far rebuffed Roche. The company advised shareholders in taking any action in response to the offer, but said the Board would review Roche's offer and make a recommendation within 10 days. What may make this particular offer different is that the $75-per-share offer was nearly 45% higher than Ventana's closing price of $51.74 yesterday.

In the event of an acquisition, Roche said it would operate Ventana as a separate unit within its diagnostics division, allowing it to retain its management team and employees as well as its headquarters in Arizona. This would be a similar agreement to the one Roche maintains with U.S. biotech company Genentech Inc (NYSE: DNA), which is majority-owned by Roche but is managed as an independent company.

Based on a potential acquisition, analysts believe that biotechnology companies Gen-Probe Incorporated (NASDAQ: GPRO), Luminex Corporation (NASDAQ: LMNX) and Cepheid Inc (NASDAQ: CPHD) could be potential acquisition targets based on their technology platforms and product offerings.

MOST NOTEWORTHY: General Electric Co (GE), Brocade Communications Systems Inc (BRCD) and Netease.com Inc ADS (NTES) rounded out today's more notable upgrades:

• UBS upgraded General Electric Co (NYSE: GE) to Buy from Neutral with a $14 target based on valuation and expectations for strong earnings in its gas turbine business.

• Brocade Communications Systems Inc (NASDAQ: BRCD) was upgraded by Goldman Sachs to Buy from Neutral with an $11 target to reflect the cost savings associated with the McData acquisition. Bear Stearns also upgraded Brocade to Outperform from Peer Perform following its Q1 report and $200 buyback; Raymond James upgraded shares to Outperform from Market Perform.

• Deutsche Bank upgraded Netease.com Inc ADS (NASDAQ: NTES) to Hold from Sell with a $23 target following the company's Q4 report.

OTHER UPGRADES:

• Credit Suisse upgraded Reuters Group ADS (NASDAQ: RTRSY) to Outperform from Neutral citing the company's favorable outlook.

• Citigroup upgraded Moody's Corp (NYSE: MCO) to Buy from Hold with a $77 target as they believe weakness surrounding the company's quarter has created a buying opportunity.

• William Blair upgraded Career Education Corp (NASDAQ: CECO) to Market Perform from Underperform.

• BWS Financial upgraded shares of CuraGen Corp (NASDAQ: CRGN) to Strong Buy from Buy with an $8 target following its recent sell-off. The firm believes the concerns that CuraGen will not be able to sell its 454 Life Science stake are baseless.

• Caris upgraded Marvell Technology Group (NASDAQ: MRVL) to Above Average from Average following its solid quarter as they believe Marvell has worked through the excess inventory in storage and wireless LAN. Needham also upgraded Marvell Tech to Buy from Hold with a $26 target following its Q4 results.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).