Mamta Popat / Arizona Daily Star

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Swiss drugmaker Roche Holding AG today extended for a fourth time to mid-January its $3 billion hostile tender offer for Oro Valley-based Ventana Medical Systems Inc.

Ventana reiterated its opposition to the $75-a-share offer, which it has steadfastly rejected as inadequate.

Roche's offer, first made on June 27, was previously set to expire Nov. 1 and will now expire Jan. 17, Roche said in a statement.

Roche is bidding for Ventana to beef up its diagnostics business. In acquiring Ventana, Roche would gain a test to determine which patients are most likely to benefit from the breast-cancer drug Herceptin, which is sold by Genentech Inc., which is majority-owned by Roche.

Roche said about 63,700 shares, or less than 1 percent of outstanding shares, were tendered as of the close of business Monday.

"More than 99.5 percent of our investors have now essentially turned down Roche's inadequate offer four times, and yet Roche persists with its futile and costly tactics," Ventana CEO Christopher Gleeson said in a statement today.

Ventana's shares rose 37 cents to close at $87.36 today in Nasdaq Stock Market composite trading.