Roche acquires IQuum to strengthen offerings in molecular diagnostics
Basel, 07 April 2014
IQuum’s unique products will allow Roche to quickly enter the point of care segment of molecular diagnostics
Roche (SIX: RO, ROG; OTCQX: RHHBY) announced today the acquisition of IQuum, Inc. (IQuum) based in Marlborough, Massachusetts, USA. IQuum is a privately held company focused on developing point of care offerings for the molecular diagnostics market. Under the terms of the agreement, Roche will pay IQuum shareholders USD 275 million upfront and up to USD 175 million in contingent product related milestones. The transaction is subject to customary closing conditions.
The acquisition will provide Roche with access to IQuum’s Laboratory-in-a-tube (Liat™) System, which enables healthcare workers to perform rapid molecular diagnostic testing in a point of care setting, closer to patients and with minimal training. The Liat™ Analyzer and Liat™ Influenza A/B Assay, the first test available for use on the system, produce reliable and accurate lab-like results and are CE marked and FDA cleared.
“With IQuum, we further strengthen our molecular diagnostics offerings with cutting-edge technology and products that serve the point of care segment. Patients will benefit from on-the-spot and accurate diagnoses, which will allow healthcare professionals to make rapid, informed treatment decisions in flexible settings,” said Roland Diggelmann, COO of Roche Diagnostics. “We welcome IQuum’s employees, who will continue to focus on the development and manufacturing of the Liat™ Analyzer and assays.”
“We are very excited to continue developing innovative molecular diagnostics solutions as part of the Roche Molecular Diagnostics team,” said Shuqi Chen, Ph.D., CEO and founder of IQuum. “Roche is the ideal company to deliver on the promise of our point of care molecular diagnostics technology. We are fully committed to the continued success of IQuum’s employees, products and pipeline.”
Once the transaction is complete, IQuum will be integrated into Roche Molecular Diagnostics.
IQuum is the leader in developing the lab-in-a-tube technology, a novel biological sample testing platform which provides revolutionary benefits to a broad cross section of the bioassay market. The Company's proprietary technology enables non-specialized personnel to perform more sophisticated biological sample testing in any setting with greater speed. Founded in 1998 by Dr. Shuqi Chen and his co-founder Keith Greenfield, the Company is commercializing its lab-in-a-tube technology and products for the clinical diagnostics, bio-defense, and industrial testing markets. For more information, please visit www.IQuum.com.
Headquartered in Basel, Switzerland, Roche is a leader in research-focused healthcare with combined strengths in pharmaceuticals and diagnostics. Roche is the world’s largest biotech company, with truly differentiated medicines in oncology, immunology, infectious diseases, ophthalmology and neuroscience. Roche is also the world leader in in vitro diagnostics and tissue-based cancer diagnostics, and a frontrunner in diabetes management. Roche’s personalised healthcare strategy aims at providing medicines and diagnostics that enable tangible improvements in the health, quality of life and survival of patients. Founded in 1896, Roche has been making important contributions to global health for more than a century. Twenty-four medicines developed by Roche are included in the World Health Organisation Model Lists of Essential Medicines, among them life-saving antibiotics, antimalarials and chemotherapy.
In 2013 the Roche Group employed over 85,000 people worldwide, invested 8.7 billion Swiss francs in R&D and posted sales of 46.8 billion Swiss francs. Genentech, in the United States, is a wholly owned member of the Roche Group. Roche is the majority shareholder in Chugai Pharmaceutical, Japan. For more information, please visit www.roche.com.
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