Roche agrees to pay $2.4 billion to buy the rest of Foundation Medicine

The headquarters of Roche AG in Basel, Switzerland.

Gianluca Colla | Bloomberg | Getty Images

The headquarters of Roche AG in Basel, Switzerland.

Swiss drugmaker Roche Holding AG has agreed to pay $137 per share to buy the rest of Foundation Medicine (FMI), a $2.4 billion transaction that will values the U.S. genomic profiling group
at $5.3 billion, the partners said on Tuesday.

The deal, backed by the boards of both companies, will be set to close within the second half of This specific year, they said in a statement.

The offer cost represented a premium of 29 percent to FMI’s closing cost on Monday. FMI closed at $106.45, up 4.4 percent.

Based in Cambridge, Massachusetts, FMI will be a molecular information company specialized in cancer care. the item offers comprehensive genomic profiling (CGP) assays to identify molecular alterations in a patient’s cancer as well as also match them with targeted therapies, immunotherapies as well as also clinical trials.

“This specific will be important to our personalized healthcare strategy as we believe molecular insights as well as also the broad availability of high quality comprehensive genomic profiling are key enablers for the development of, as well as also access to, brand new cancer treatments,” Roche pharmaceuticals head Daniel O’Day said.

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

Citi will be acting as financial advisers to Roche as well as also Davis Polk & Wardwell LLP will be legal counsel to Roche. Goldman Sachs & Co will be financial adviser to the FMI Special Committee as well as also Goodwin Procter LLP will be legal counsel.

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