CAMBRIDGE, Mass. (TheStreet) -- Foundation Medicine (FMI) will become majority-owned by Roche (RHHBY) as part of a $1 billion-plus strategic partnership to expand the use of genetic testing in cancer drug research and treatment, the companies announced today. <\/p>\n
Roche's acquired stake in Foundation Medicineis priced at $50 per share, more than double the company's Friday closing price of $23.93. Foundation Medicine will continue to operate independently. <\/p>\n
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The investment and strategic collaboration between Roche and Foundation Medicine was announced on the eve of the closely followed J.P. Morgan Healthcare Conferencein San Francisco. <\/p>\n
Foundation Medicine analyzes the genetic signature of tumors to help doctors match patients with the optimal cancer treatment -- both approved drugs or clinical trials of experimental therapies. The company's two commercially available tests analyze solid tumors and blood-based cancers to find specific genetic mutations. <\/p>\n
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Roche to Acquire Majority Stake in Cancer Genetic Test Maker Foundation Medicine<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" CAMBRIDGE, Mass. (TheStreet) -- Foundation Medicine (FMI) will become majority-owned by Roche (RHHBY) as part of a $1 billion-plus strategic partnership to expand the use of genetic testing in cancer drug research and treatment, the companies announced today. Continue reading