Roche pharmaceuticals in $425 million deal

Roche pharmaceuticals in $425 million deal

Swiss pharmaceutical company Roche (VTX:ROG) are trading up 2 percent after announcing plans to acquire US diagnostics firm GeneWEAVE Biosciences in a deal worth $425 million.

The Swiss group’s primary focus is fighting “superbugs”, and the agreement will give Roche access to GeneWEAVE’s “Smarticles” technology.

Roche will pay shareholders of the privately held Californian company $190 million upfront and further $235 million depending on the future success of its products.

Roche discover, develop and provide diagnostic and therapeutic products and services for diseases worldwide. The company is currently trading up 2% at 276 pence per share.