Konica Minolta to acquire Ambry Genetics for up to $1B in shift to precision medicine

Konica Minolta Inc. (Tokyo:4902) will acquire genetic testing company Ambry Genetics Corp. (Aliso Viejo, Calif.) for up to $1 billion. Ambry shareholders will receive $800 million in cash up front and up to $200 million based on undisclosed financial metrics over two years. Konica said public-private partnership Innovation Network Corp. of Japan (Tokyo, Japan) will cover 40% of the total deal cost.

Konica called the acquisition “the first in a series of strategic initiatives” as it enters the precision medicine field. Konica plans to combine its advanced immunostaining technology, known as High-Sensitivity Tissue Testing, with genetic screening from Ambry to diagnose conditions including hereditary cancer and to assess drug responses. Konica plans to introduce Ambry’s technology in Japan and then in Europe. ...