Roche and GenMark Diagnostics signs Definitive Merger Agreement
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- Source: Roche
- Date: 20 Mar,2021
Roche, Basel, Switzerland, and GenMark Diagnostics, Carlsbad, Calif, have entered into a definitive merger agreement for Roche to completely acquire GenMark at a price of $24.05 per share in an all-cash trade. This corresponds to a total transaction value of approximately $1.8 billion on a fully diluted basis. The merger agreement has been unanimously approved by the boards of directors of GenMark and Roche. Once the purchase is completed, GenMark’s principal operations will continue in its current location in Carlsbad, Calif..
GenMark’s syndromic panel testing portfolio will match Roche’s present molecular diagnostics portfolio and the Roche global system will enable expanded reach for GenMark’s products. GenMark’s ePlex system drives laboratory efficiency through streamlined order-to-reporting workflow and enables better patient results by rapidly diagnosing a patient’s symptoms. Infectious diseases are a leading cause of death worldwide, and earlier detection of the origin of a disease has been demonstrated to improve patient outcomes and improve key hospital initiatives like antibiotic stewardship and length of stay.
“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,” says Thomas Schinecker, CEO Roche Diagnostics. “Their proven expertise in syndromic panel testing provides faster targeted therapeutic intervention, resulting in improved patient outcomes and reduced hospital stays, and will contribute to Roche’s commitment to helping control infectious diseases and antibiotic resistance. The rapid identification of bloodstream infections and the detection of antimicrobial resistance genes are more essential than ever for hospitals and their patients.”
“As a part of Roche, we can accelerate our mission to enable rapid diagnosis of infectious disease to improve patient outcomes. Together with Roche’s diagnostics healthcare solutions, we will be able to provide a full suite of molecular diagnostic solutions to customers around the world,” says Scott Mendel, CEO of GenMark Diagnostics. “We are thrilled to become a part of Roche and are confident that this is the right path forward for GenMark and our customers.”
For more information, visit Roche.