Business

Roche agrees to buy GenMark Diagnostics for $1.8 billion

Swiss drugmaker Roche will buy US generics maker GenMark Diagnostics in a deal worth $1.8 billion. Roche will launch a bidding offer to acquire GenMark entirely at $24.05 per share in an all-cash deal, 43% higher than its closing share price on February 10; GenMark is best known for producing molecular diagnostic assays designed to detect multiple antigens from a single disease sample.

Roche CEO Thomas Schinecker said the acquisition of GenMark Diagnostics will expand the company’s portfolio of molecular diagnostics to include solutions that provide rapid, life-saving patient information and help healthcare providers combat highly infectious diseases.

Roche added that it expects the transaction to close during the second quarter of 2021 and has been approved by both companies’ boards of directors, and upon completion of the transaction, GenMark’s core business will continue to operate at its current location in Carlsbad, California.

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