"Today's acquisition makes sense as it adds a novel testing technology that is modular and scalable," Vontobel analyst Stefan Scheider said in a research note. GenMark Diagnostics is a molecular diagnostics company that develops and commercializes molecular tests based on its proprietary eSensor electrochemical. The tests were also useful for "the rapid identification of bloodstream infections and the detection of antimicrobial resistance genes, (which) are more essential than ever for hospitals and their patients," Schinecker said. Roche, the world's top cancer drug maker, already counts a large number of various tests for the virus, but said testing using the GenMark respiratory pathogen panels would be a welcome complement to its existing portfolio. The current pandemic, which has killed some 2.65 million people worldwide since the first cases were detected in China in late 2019, has spurred huge demand for rapid tests. Get U-T Business in your inbox on Mondays. Business Latest Biotech North County Top Stories. GenMark says its so-called syndromic panel tests can quickly identify the most common viral and bacterial organisms linked to upper respiratory infection, including SARS-CoV-2, the virus that causes COVID-19. GenMarkâs shares surged 30 percent to close at 23.98 on the Nasdaq exchange. The deal, subject to regulatory approval, should be concluded in the second quarter, the company said. Our high-quality products are made with the finest materials and craftsmanship. "Acquiring GenMark Diagnostics will broaden our molecular diagnostics portfolio," Roche chief Thomas Schinecker said in the statement. Shop Genmarks for stylish and durable leather bags and pet carrier bags. GenMark makes molecular tests that can establish the presence of several different pathogens from just one sample, Monday's statement said. Roche is offering $24.05 a share for GenMark, a premium of some 43% to its last quoted share price on February 10. Serving Western PA and West Virginia for a combined 350 years. The Swiss company said it had signed a "definitive merger agreement" with the California-based firm after both boards approved the all-cash deal. firm GenMark Diagnostics and thus broaden its rapid test portfolio, including for COVID-19. Swiss pharma giant Roche said Monday it would pay US$1.8 billion (1.5 billion euros) to buy U.S. GenMark Diagnostics is a leading provider of multiplex molecular diagnostic solutions designed to enhance patient care, improve key quality metrics, and reduce the total cost-of-care.
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