2:23 PM
Jun 19, 2018
 |  BC Extra  |  Company News

Foundation takeout boosts Roche's precision med capabilities

Roche (SIX:ROG; OTCQX:RHHBY) is acquiring the remaining shares of cancer diagnostics company Foundation Medicine Inc. (NASDAQ:FMI) that it does not already own for $137 per share in cash, or $2.4 billion.

In 2015, Roche had acquired a majority stake in Foundation for $1 billion; it held a 57% stake as of March 31. The deal also included a strategic collaboration.

Tuesday's takeout price is a 29% premium to Foundation's close Monday at $106.45, and values the company at $5.3 billion. Both companies' boards have approved the deal, which is due to close next half. Foundation shares...

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