Roche will buy GenMark Diagnostics, a U.S.-based maker of molecular diagnostic tests in a $1.8 billion deal, the Swiss pharmaceuticals manufacturer said on Monday.

Roche said it will launch a tender offer to fully acquire GenMark at a price of $24.05 per share in an all-cash transaction. The price represented a premium of 43% on GenMark’s closing share price on Feb. 10, before media speculation about a deal, Roche said.

Roche said the acquisition, which has been approved by the boards of both companies, is expected to be completed during the second quarter of 2021.

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By John Revill, Riham Alkousaa and Sherry Jacob-Phillips

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