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20 June, 2018 00:00 00 AM
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Roche buys US Foundation Medicine for $2.4 billion

AFP

Swiss pharmaceutical giant Roche said yesterday it had reached an agreement to purchase the remaining shares of US lab Foundation Medicine, of which it already holds a majority stake, for $2.4 billion, reports AFP from Geneva.

Roche said it had agreed to pay shareholders in the US company, which is specialised in molecular analysis and genomic profiling aimed at transforming cancer care, $137 per share.

This represents a 29-per cent premium on the closing price for Foundation Medicine (FMI) Monday evening and a 68-per cent premium on the company's 90-day weighted average share price, Roche said.

The overall transaction thus amounts to $2.4 billion, with FMI, of which Roche already held a 57-per cent stake, valued at $5.3 billion, the statement said.

The boards of both companies have unanimously approved the merger agreement.

Roche, the world's top cancer drug maker, said it aimed to close the deal by the end of the year.

"This is important to our personalised healthcare strategy," said Daniel O'Day, head of Roche's pharmaceutical unit.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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