According to Reuters, the Swiss pharmaceutical company Roche has declared that it will acquire the U.S based molecular diagnostics company Genmark Diagnostics for USD 1.8 Billion.
Terms of Agreement
Roche mentioned that it will launch a tender proposal to acquire Genmark in a full acquisition deal at the price of USD 24.05 in all-cash transaction.
The board of the two companies agreed upon completing this deal which is expected to be finalized in the second quarter of 2021.
After the completion of this deal, Genmark’s operations will continue at the same location in California, Roche commented.
About Genmark Company
Genmark company is a U.S leading provider molecular diagnostic solutions that can detect several diseases from a single sample from the patient including respiratory, blood stream, and gastrointestinal infections.
Roche is a Swiss based biotech company founded in 1896 and it’s one of the leading companies in healthcare and pharmaceutical industries, Roche excels in Pharmaceuticals, IVD, cancer diagnostics and diabetes management
Roche CEO Commented
Roche CEO Thomas Schinecker said “Acquiring GenMark Diagnostics will broaden our molecular diagnostics portfolio to include solutions that can provide lifesaving information quickly to patients and their healthcare providers in the fight against infectious diseases”.
CEO Roche Diagnostics. “Their proven expertise in syndromic panel testing provides faster targeted therapeutic intervention, resulting in improved patient outcomes and reduced hospital stays, and will contribute to Roche’s commitment to helping control infectious diseases and antibiotic resistance. The rapid identification of bloodstream infections and the detection of antimicrobial resistance genes are more essential than ever for hospitals and their patients.”
Genmark Diagnostics CEO Commented
“As a part of Roche, we can accelerate our mission to enable rapid diagnosis of infectious disease to improve patient outcomes. Together with Roche’s diagnostics healthcare solutions, we will be able to provide a full suite of molecular diagnostic solutions to customers around the world,” said Scott Mendel, CEO of GenMark Diagnostics. “We are thrilled to become a part of Roche and are confident that this is the right path forward for GenMark and our customers.”