Roche Holdings has agreed to buy Jane McKeeer for $ 1.8 billion to acquire a rapid testing provider for infectious diseases, including COVID-19.
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According to Arabnet, the Swiss pharmaceutical company said in a statement that it would pay $ 24.05 a share in cash. This is 30% more than the Friday closing price. While the Board of Directors of the two companies approved the deal.
The deal is Roche's largest since its acquisition of Spark Therapeutics in 2019, as GenMark tests can detect multiple pathogens from a single patient sample, according to Bloomberg and seen by Al Arabiya.net.
The pandemic has increased demand for tests that can quickly diagnose cases of COVID-19 and other diseases, leading to a flurry of diagnostic deals.
GenMark, based in Carlsbad, California, makes panels that quickly identify the most common viral and bacterial organisms associated with upper respiratory infections. Its products detect life-threatening bloodstream infections and antimicrobial resistance genes.
Roche Diagnostics Unit Chief Executive Officer Thomas Schenker said in the statement that the deal will expand our molecular diagnostics portfolio to include solutions that can quickly provide life-saving information to patients and their healthcare providers.
The acquisition of GenMark is expected to end in the second quarter. The company will continue to operate primarily from its California headquarters.
