Swiss pharmaceutical giant Roche said Monday it would invest nearly $1.2 billion for control of US molecular and genomic analysis firm Foundation Medicine, in a bid to boost its personalised cancer treatment offerings.
Roche said it aimed to buy up to 56.3 percent of the US company, paying shareholders $50 per share, or a total of $780 million (657.7 million euros).
In addition, the Swiss group said in a statement it planned to buy five million newly issued FMI shares, for a total of $250 million.
Roche hailed FMI's "pioneering approach to genomics and molecular information", saying the deal would allow it to provide faster cancer identification and better personalised treatment.
"Understanding the comprehensive genomic profile of a cancer patient's disease will enable better personalised healthcare solutions to optimise treatment outcomes for patients," the Swiss company said.
As part of the deal, Roche has agreed to spend around $150 million funding FMI's cancer research and development efforts for at least five years.
The FMI board has already unanimously approved the deal, Roche said, adding that it expected the agreement to be finalised during the second quarter this year.