Roche acquires DNA sequencing firm for up to $350 mln
ZURICH (Reuters) - Swiss drugmaker Roche said it was buying privately held Genia Technologies, which is developing a DNA sequencing platform, for up to $350 million (209 million pounds) including milestone payments.
The world's largest maker of cancer drugs said earlier this year it was interested in buying technologies to strengthen its diagnostics unit.
Under the deal announced on Monday, Genia's shareholders will receive $125 million in cash and up to $225 million in contingent payments depending on certain milestones, Roche said in a statement.
"The addition of Genia's single molecule semiconductor DNA sequencing platform using nanopore technology strengthens our next generation sequencing pipeline," Roland Diggelmann, Chief Operating Officer of Roche Diagnostics, said in the statement.
Roche said California-based Genia's proprietary technology that allows for single molecule, electrical real-time analysis was expected to reduce the price of sequencing while increasing speed and sensitivity.
In 2012, Roche abandoned an attempt to buy gene-sequencing company Illumina for $6.7 billion after the U.S. firm's shareholders held out for a higher price.
(Reporting by Silke Koltrowitz)
