Roche Holding will acquire a majority stake in molecular and genomic analysis business Foundation Medicine, it said on Monday, signalling its determination to expand in cancer immunotherapy by paying a hefty mark-up on the U.S. company's current price.The deal will help the world's largest maker of cancer drugs push ahead in developing treatments that help the body's own immune cells fight tumours, jostling with rivals including Bristol-Myers Squibb, Merck & Co and AstraZeneca .The Swiss company, which will purchase Foundation through a combination of outstanding and newly issued shares, said the deal should help it to develop combination therapies and identify cancer patients more accurately."By combining Foundation's pioneering approach to genomics and molecular information with Roche's expertise in oncology, we can bring personalised healthcare to the next level", the head of Roche's pharmaceuticals division Dan O'Day said in a statement.
Foundation Medicine, Inc. is a commercial-stage company. Shares of FMI traded higher by 3.37% or $0.78/share to $23.93. In the past year, the shares have traded as low as $18.25 and as high as $45.00. On average, 268540 shares of FMI exchange hands on a given day and today's volume is recorded at 376230.
Merck & Co., Inc. is a health care company that offers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. Shares of MRK fell by 0.46% or $-0.29/share to $62.56. In the past year, the shares have traded as low as $50.79 and as high as $63.13. On average, 11808200 shares of MRK exchange hands on a given day and today's volume is recorded at 12642781.
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