Pharma Giant to Expand Immunochemistry Business with Acquistion

Roche (Basel, Switzerland) and BioVeris Corporation (Gaithersburg, MD, USA) announced that they have signed a definitive merger agreement under which Roche will acquire 100% ownership in BioVeris for US$21.5 per share in cash or a total of approximately $600 million.

This acquisition will allow Roche Diagnostics to expand its immunochemistry business from the human diagnostics field into new market segments such as life science research, life science development, patient self-testing, veterinary testing, drug discovery, drug development, and clinical trials.

The market for clinical trials is growing at approximately 10% per annum and with these new fields an additional market of close to 400 million Swiss francs opens up for Roche. Today, Roche is a leader in immunochemistry, driven by its Elecsys immunochemistry product line, the fastest growing products of Roche Diagnostics' lab diagnostics business. By acquiring BioVeris, Roche will own the complete patent estate of the electrochemiluminescence (ECL) technology deployed in the Elecsys product line, which gives Roche Diagnostics the opportunity to fully exploit the entire immunochemistry market.

Severin Schwan, CEO division Roche Diagnostics, said, "ECL is a highly innovative technology. In comparison with other detection technologies, ECL offers distinct advantages such as enhanced sensitivity, short incubation times, and broad measuring ranges. This acquisition ensures that Roche will be able to provide unrestricted access to all customers and therefore represents a significant growth opportunity for our immunochemistry business.”

Samuel J. Wohlstadter, chairman and CEO of BioVeris, said, "We are pleased that this transaction will deliver substantial value to BioVeris shareholders. Given the history between the parties and the scope of Roche's existing diagnostics business, Roche is the natural buyer for BioVeris. We look forward to working with our colleagues at Roche to facilitate a timely close and orderly integration.”

The transaction is subject to the approval of BioVeris's shareholders, receipt of certain regulatory approvals and other customary closing conditions.


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