Roche has acquired GenMark Diagnostics for $1.8 billion, the group announced in a statement. GenMark provides molecular diagnostic tests that are designed to detect multiple pathogens from a single patient sample. The merger agreement has been unanimously approved by the boards of directors of GenMark Diagnostics and Roche.
Once the acquisition is completed, GenMark’s core operations will continue to be conducted from its offices in Carlsbad, California, USA. Under the terms of the agreement, Roche will launch a tender offer to acquire all outstanding shares of GenMark. GenMark’s portfolio of syndromic panel tests will complement the Swiss pharma’s existing molecular diagnostics portfolio.
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Roche achieved a net profit of $15.76 billion (€13.21 billion) in 2020, up 6% from 2019
“The acquisition of GenMark Diagnostics will expand our molecular diagnostics portfolio to include solutions that can provide life-saving information quickly to patients and their healthcare providers in the fight against infectious diseases,” as explained by Thomas Schinecker, CEO of Roche.
The Swiss drugmaker, which counts Citi as a financial advisor, and Sidley Austin as a legal advisor, is confident of closing the transaction in the second quarter of 2021. JP Morgan Securities is acting as financial advisor to GenMark and DLA Piper as legal advisor. Roche posted a net income of $15.76 billion (€13.21 billion) in 2020, up 6% from 2019. The group posted revenues of $66.78 billion (€55.97 billion) in the last financial year, 5% less than in 2019. By business segment, the pharmaceuticals division contracted by 8.2% to $49.12 billion (€41.17 billion). The diagnostics division, meanwhile, posted revenue of $15.2 billion (€12.75 billion), up 6.5%.
Roche reduced cost of sales by 12% to 14,957 million euros, while marketing and distribution expenses were $10.56 billion (€8.85 billion), down 13%. General and administrative costs contracted by 26% to $3.63 billion (€3.04 billion).
Roche recorded an ebitda of $26.8 billion (€22.45 billion) in 2020, 4.5% less than in 2019
Research and development increased by 2%, to (€12.03 billion). Roche ended 2020 with a gross operating result (Ebitda) of $26.8 billion (€22.45 billion), 4.5% less than in 2019. “We developed a broad portfolio of diagnostic solutions in record time and entered into new alliances to develop and produce effective medicines against Covid-19,” explained the group’s CEO, Severin Schwan.
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