Swiss pharmaceutical giant Roche Holding AG said that it has agreed to acquire IQuum, Inc., a privately-held U.S. molecular diagnostics company, in a deal worth up to $450 million. Roche expects the acquisition to expand its offerings in the molecular diagnostics market.
Under the terms of the deal, Roche will make an upfront payment of $275 million to IQuum shareholders and pay an additional $175 million if that company attains product-related milestones. On completion of the transaction, IQuum will be integrated into Roche Molecular Diagnostics.
Founded in 1998 by Dr. Shuqi Chen and co-founder Keith Greenfield, Marlborough, Massachusetts-based IQuum is commercializing its lab-in-a-tube technology and products for the clinical diagnostics, bio-defense, and industrial testing markets.
Roche noted that the acquisition will provide it with access to IQuum's Laboratory-in-a-tube or Liat System, which enables healthcare workers to perform rapid molecular diagnostic testing in a point of care setting, closer to patients and with minimal training. The Liat Analyzer and Liat Influenza A/B Assay, the first test available for use on the system, produce lab-like results and are CE marked and FDA cleared.
Roland Diggelmann, COO of Roche Diagnostics said, "With IQuum, we further strengthen our molecular diagnostics offerings with cutting-edge technology and products that serve the point of care segment. Patients will benefit from on-the-spot and accurate diagnoses, which will allow healthcare professionals to make rapid, informed treatment decisions in flexible settings."
Under the terms of the deal, Roche will make an upfront payment of $275 million to IQuum shareholders and pay an additional $175 million if that company attains product-related milestones. On completion of the transaction, IQuum will be integrated into Roche Molecular Diagnostics.
Founded in 1998 by Dr. Shuqi Chen and co-founder Keith Greenfield, Marlborough, Massachusetts-based IQuum is commercializing its lab-in-a-tube technology and products for the clinical diagnostics, bio-defense, and industrial testing markets.
Roche noted that the acquisition will provide it with access to IQuum's Laboratory-in-a-tube or Liat System, which enables healthcare workers to perform rapid molecular diagnostic testing in a point of care setting, closer to patients and with minimal training. The Liat Analyzer and Liat Influenza A/B Assay, the first test available for use on the system, produce lab-like results and are CE marked and FDA cleared.
Roland Diggelmann, COO of Roche Diagnostics said, "With IQuum, we further strengthen our molecular diagnostics offerings with cutting-edge technology and products that serve the point of care segment. Patients will benefit from on-the-spot and accurate diagnoses, which will allow healthcare professionals to make rapid, informed treatment decisions in flexible settings."