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Drugmaker Roche to buy US' cancer medicine specialist Ignyta for $1.7 bn

Ignyta will continue its operations in San Diego and will be responsible for the ongoing pivotal study of entrectinib

Reuters 

Drugmaker Roche to buy US' cancer medicine specialist Ignyta for $1.7 bn
Swiss Drugmaker Roche. Photo: Reuters

Swiss drugmaker will buy US cancer drugmaker Inc for $1.7 billion to broaden its oncology portfolio globally, the said on Friday.

would pay $27 per share for Ignyta, representing a premium of about 74 percent to the stock's closing price on Thursday, they said.

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 tumor growth.

Reuters reported on Thursday 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 said.

Citi advised on the deal, while BofA Merrill Lynch and JP Morgan Securities LLC advised

Sidley Austin LLP and Latham & Watkins LLP were legal counsel to and Ignyta, respectively.

First Published: Fri, December 22 2017. 13:29 IST
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