Swiss drug maker Novartis AG said Monday it is paying $470 million to acquire U.S. cancer diagnostic specialist Genoptix.
Novartis bids $470 million for cancer firm Genoptix
Novartis will pay $25 per share to acquire all of the Carlsbad, Calif.-based company's outstanding stock.
The price represents a 39% premium over Genoptix's share value on Dec. 13, 2010, when rumors of a sale sparked a price surge, Novartis said in a statement.
Analysts at Zuercher Kantonalbank said the takeover was "strategically very sensible."
Novartis CEO Joseph Jimenez was quoted as saying the acquisition of Genoptix would 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.
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