GENEVA - Swiss drug maker Novartis AG says it is paying US$470 million to acquire U.S. cancer diagnostic specialist Genoptix Inc.
Novartis said Monday it will pay $25 per share to acquire all of the Carlsbad, California-based company's outstanding stock.
It says the price represents a 39 per cent premium over Genoptix's share value on Dec. 13, 2010, when rumours of a sale sparked a price surge.
Novartis CEO Joseph Jimenez says the acquisition of Genoptix will help the Basel-based pharma giant expand its individualized cancer treatment programs.
Genoptix specializes in diagnosing cancers in bone marrow, blood and lymph nodes. It had sales of $148 million during the first nine months last year.
Monday, January 24, 2011
Novartis offers $470 million to acquire US cancer diagnostic firm Genoptix
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