Roche to Invest $1.18 B in Foundation Medicine to Boost Cancer Efforts
Roche Holding has announce that it will acquire majority stake in molecular and genomic analysis business Foundation Medicine, in an effort to expand in cancer immunotherapy. The investment is described as “hefty mark-up on the U.S. company’s current price”according to a news story.
The story adds that the deal will help the world’s largest maker of cancer drugs push ahead in developing treatments that help the body’s own immune cells fight tumors, jostling with rivals including Bristol-Myers Squibb, Merck & Co and AstraZeneca.
Roche will own between 52.4 percent and 56.3 percent of Foundation and gain minority representation on the board, with the U.S. company retaining its management team. The deal, which could cost the Swiss company up to $1.18 billion, will help Roche develop combination therapies and identify cancer patients more accurately, and bring personalized healthcare to the next level, according to the company.
This week’s announcement follows two other recent deals finalized by Roche. Last month, Roche said that it would buy Bina Technologies for an undisclosed sum and pay up to $489 million for Austrian biotech company Dutalys. California-based Bina provides technology for the processing and management of genomic information, while Dutalys specializes in so-called bi-specific antibodies.
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