Novartis announces major United States deal

The Novartis pharmaceutical group says it will buy the Genoptix specialised cancer laboratory in the American state of California for $470 million (SFr452 million).

This content was published on January 24, 2011 - 11:22 and agencies

A statement from Basel-based Novartis on Monday said the acquisition would strengthen its diagnostics operations and diversify its operations further.

The Genoptix board is recommending shareholders accept an offer of $25 per share, which represents a premium of 27 per cent over Friday’s closing price.

Novartis said Genoptix, which specialises in diagnosing cancers in bone marrow, blood and lymph nodes, had sales of $184 million in 2009, employed a staff of 500 and was profitable.

The Swiss group last year bought the Texas-based Alcon eye care company for about $52 billion, including the shares held by the Nestlé food company.

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