Konica Minolta to buy Ambry Genetics for $1 bn

Konica Minolta with Ambry's genetic testing capabilities together to diagnose hereditary cancer

Konica Minolta said it was purchasing US diagnostics company Ambry Genetics in a deal valued at up to $1 billion — an acquisition that marks a strategic shift for the Japanese firm's healthcare business as it seeks a leading position in precision medicine. The deal is the largest ever for the photocopier maker, which has been seeking to diversify away its office equipment business. It pulled out of cameras about a decade ago. Konica Minolta said its advanced imaging technology complemented privately held Ambry's genetic testing capabilities, with initial applications for combining the technologies seen in diagnosing hereditary cancer. "Together with Ambry, we will have the most comprehensive set of diagnostic technologies for mapping an individual's genetic and biochemical makeup," CEO Shoei Yamana said.

In a transaction that will be partially funded by a Japanese state-backed fund, Konica Minolta said $800 million would paid in cash upon closure of the deal while $200 million could be paid over two years depending on financial performance.