(MENAFN) Swiss pharmaceutical giant Roche said it would invest nearly USD1.2 billion for control of US molecular and genomic analysis firm Foundation Medicine, AFP reported.
The move comes as a bid to boost its personalized cancer treatment offerings. Roche said it aimed to buy up to 56.3 percent of the US company, a total of USD780 million.
As part of the deal, Roche has agreed to spend around $150 million funding FMI's cancer research and development efforts for at least five years, the Swiss company said.
"Understanding the comprehensive genomic profile of a cancer patient's disease will enable better personalized healthcare solutions to optimize treatment outcomes for patients," it said.
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