Roche to acquire Foundation Medicine for $2.4bn
Roche Holding AG, the Switzerland-based pharmaceutical manufacturer, has announced that it will pay US$137 per share to acquire the remaining stake in Foundation Medicine (FMI).
The deal is set to be worth $2.4bn, which will total Foundation Medicine’s value to $5.3bn, reported CNBC.
Roche’s offer price for Massachusetts-based genomic analysis diagnostics company saw a premium of 29% to the firm’s closing price on 18 June.
The deal is anticipated to close in the second half of 2018, with the boards of both companies backing the acquisition.
Foundation Medicine’s genomic analysis specialises in cancer care, focusing on identifying alterations in molecules in cancer to be matched with treatments.
“This is important to our personalized healthcare strategy as we believe molecular insights and the broad availability of high quality comprehensive genomic profiling are key enablers for the development of, and access to, new cancer treatments,” remarked Daniel O’Day, Head of Pharmaceuticals at Roche.
“We will preserve FMI's autonomy while supporting them in accelerating their progress.”
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