Swiss pharmaceutical giant Roche acquires U.S. Cancer drug maker Ignyta for $1.7 billion

Ignyta’s precision drugs and diagnostic portfolio will help Roche increase its global footprint in the oncology department.

On Friday, U.S. cancer drugmaker Ignyta Inc and Swiss drugmaker Roche disclosed that the Swiss pharmaceutical giant will acquire U.S. drugmaker for $1.7 billion as it makes efforts to broaden its oncology portfolio globally.

Roche will be paying $27 for Ignyta’s share, which represents a premium of 74% to its Thursday’s closing price.

San Diego-based Ignyta will continue to be responsible for the ongoing pivotal study of entrectinib, its most advanced drug.

Ignyta has a suite of drugs , in early stage of development, that banks on gene therapy to ward off underlying diseases that drive the cancerous growth of tumors.

Ignyta, which went public just three years ago, is focussed on manufacruring precision drugs and diagnostics.

Both companies stated the expect the deal to close by the first half of 2018.

While Citi advised Roche on the deal, BofA Merrill Lynch and J.P. Morgan Securities LLC advised Ignyta. Sidley Austin LLP and Latham & Watkins LLP were legal counsel to Roche and Ignyta, respectively.

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