NEW YORK: Swiss drugmaker Roche will buy US cancer drugmaker Ignyta Inc for $1.7 billion to broaden its oncology portfolio globally, the companies said on Friday.
Roche would pay $27 per share for Ignyta, representing a premium of about 74 per cent to the stock’s closing price on Thursday, they said.
Ignyta will continue its operations in San Diego and will be responsible for the ongoing pivotal study of entrectinib, its most advanced drug.
The US company has a suite of drugs in early stage development that use gene therapy to kill off the underlying diseases that drive cancer tumour growth.
It was reported on Thursday Ignyta was in advanced talks to sell itself, just three years after the company went public with focus on precision drugs and diagnostics. The deal is expected to close in the first half of 2018, the companies said. — Reuters
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