Roche has agreed to pay $2.4 billion, at a price of $137.00 per share, in order to to buy the rest of Foundation Medicine (FMI), which Roche originally bought a 56 percent stake in 2015 for $1 billion.
The merger was approved by the board of Roche and a special committee of the independent directors of FMI. All current members of the FMI board have indicated that they intend to tender their FMI shares.
Under the terms of the merger agreement, Roche will promptly commence a tender offer to acquire all of the outstanding shares of FMI’s common stock not already owned by Roche. Following completion of the tender offer, Roche will acquire all remaining shares through a second step merger. The closing of the transaction is expected to take place in the second half of 2018.
Read the full Roche release