Roche to buy majority stake in Foundation Medicine

January 12, 2015 6:03 AM

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Roche to buy majority stake in Foundation Medicine

(Reuters) - Swiss drug maker Roche Holding AG plans to acquire a majority stake in U.S.-based molecular and genomic analysis firm Foundation Medicine Inc by buying a combination of outstanding and newly issued shares, the companies said on Monday.

Roche said it will tender for around 15.6 million Foundation shares at $50 a share, worth up to about $780 million, a premium of 109 percent to their Friday closing price. Roche will also invest $250 million in Foundation by acquiring 5 million newly issued shares at $50 per share.

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