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Novartis To Acquire Genoptix

Diagnostics firm to join MDx unit

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Novartis has entered into a definitive merger agreement to acquire Genoptix, Inc. Novartis will commence an all cash tender offer for all outstanding shares of common stock of Genoptix at $25 per share, giving the transaction an equity value of approximately $470 million and an enterprise value of $330 million.

The cash offer price represents a premium of 27% premium over Genoptix’ closing price from January 21, 2011. The transaction is expected to close within the first half of 2011.

Genoptix’ chief executive officer, Tina S. Nova, Ph.D., stated, “We believe this transaction provides substantial value and liquidity to our stockholders. We are excited about becoming part of the Novartis Molecular Diagnostics (MDx) unit and continuing to enhance the value that we bring to our core community oncologist customers. We share Novartis’ strong commitment to transforming patient care, improving health outcomes for patients and enhancing the suite of diagnostic tools for our physician customers.”

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