Roche agrees to buy GenMark Diagnostics in US$1.8 billion deal

ZURICH: Roche will buy GenMark Diagnostics, a U.S.-based maker of molecular diagnostic tests in a US$1.8 billion deal, the Swiss pharmaceuticals manufacturer said on Monday.

Roche said it will launch a tender offer to fully acquire GenMark at a price of US$24.05 per share in an all-cash transaction. The price represented a premium of 43per cent on GenMark's closing share price on Feb. 10, before media speculation about a deal, Roche said.

California-based GenMark provides molecular diagnostic tests that are designed to detect multiple pathogens from a single patient sample.

"Acquiring GenMark Diagnostics will broaden our molecular diagnostics portfolio to include solutions that can provide lifesaving information quickly to patients and their healthcare providers in the fight against infectious diseases," Roche Chief Executive Officer Thomas Schinecker said in a statement.

Roche said the acquisition, which has been approved by the boards of both companies, is expected to be completed during the second quarter of 2021.

Upon deal completion, GenMark's principal operations will continue at the current location in Carlsbad, California, Roche said.

(Reporting by John Revill; Editing by Riham Alkousaa and Sherry Jacob-Phillips)