Swiss pharma giant Roche (RHHBY) is buying the smaller U.S. biotech firm Ignyta (RXDX) for $1.7 billion in cash, picking up an experimental pill in the late stage of development that targets lung cancer caused by a rare gene defect.
Ignyta is being acquired for $27 per share, the companies said Friday. That’s a 74 percent premium to Ignyta’s closing price on Thursday. Roche aims to close the deal in the first half of 2018.
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