Roche to pay $2.4 billion to buy rest of Foundation Medicine ~ Independent Recorder

Roche to pay $2.4 billion to buy rest of Foundation Medicine ~ Independent Recorder

© Reuters. Logo of Swiss drugmaker Roche is seen at its headquarters in Basel© Reuters. Logo of Swiss drugmaker Roche is seen at its headquarters in Basel

ZURICH (Reuters) – Swiss drugmaker Roche Holding AG (S:) has agreed to pay $137 per share to buy the rest of Foundation Medicine (FMI) (O:), a $2.four billion transaction that values the U.S. genomic profiling group at $5.three billion, the companions stated on Tuesday.

The deal, backed by the boards of each corporations, is ready to shut within the second half of this 12 months, they stated in a press release.

The provide worth represented a premium of 29 p.c to FMI’s closing worth on Monday. FMI closed at $106.45, up four.four p.c.

Based in Cambridge, Massachusetts, FMI is a molecular data firm specialised in most cancers care. It gives complete genomic profiling (CGP) assays to determine molecular alterations in a affected person’s most cancers and match them with focused therapies, immunotherapies and medical trials.

“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,” Roche prescribed drugs head Daniel O’Day stated.

“We will preserve FMI’s autonomy while supporting them in accelerating their progress.”

Citi (N:) is performing as monetary advisers to Roche and Davis Polk & Wardwell LLP is authorized counsel to Roche. Goldman Sachs & Co (N:) is monetary adviser to the FMI Special Committee and Goodwin Procter LLP is authorized counsel.

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