ARTICLE | Company News

Roche to acquire Igen

July 24, 2003 7:00 AM UTC

Roche (SWX:ROCZ) will acquire IGEN for $1.3 billion in cash plus stock in a newly formed spinoff. As a result of the deal, ROCZ has secured rights to IGEN's Origen electrochemiluminescence technology used in its Elecsys diagnostics line, which resolves their long-standing dispute to Origen rights. For each IGEN share, IGEN shareholders will receive $47.25 in cash plus one share of the spinoff, a public company to be spun off by IGEN to its shareholders. IGEN has 26.7 million fully diluted shares outstanding. The new company, which is expected to list on NASDAQ, will hold IGEN's patents and assume its biodefense, life science and industrial businesses, and will be managed by IGEN's current management team. IGEN shareholders will own 100% of the new company. ROCZ will provide $155 million in working capital to the new company. ...