Roche Holding Ltd. (ADR) (OTCMKTS:RHHBY) has announced to extend the final expiration date of its tender for Foundation Medicine Inc (NASDAQ:FMI). According to reports, the updated tender offer allows the company to buy up to 15.6 million of the outstanding common shares of FMI at a pre-decided cash price of $50 per share. RHHBY can now buy all the shares of FMI until midnight of April 6, 2015.
Insights On The Matter:
Roche Holding Ltd. (ADR) (OTCMKTS:RHHBY) has decided to keep all the conditions of this tender offer other than the timeline unchanged. Close to 7.7 million shares of FMI were tendered as of March 1, 2015. None of the tendered shares has been withdrawn by the company so far. As per the statement made public by RHHBY, it doesn’t expect a future extension in the tender offer. It hopes that all the formalities will be taken care of, latest by April 2, 2015 in any case.
RHHBY is a market leader in the research-focused healthcare sector and also has expertise in diagnostics and pharmaceuticals field. With the current tender offer, it wants to enhance its offerings. If taken into consideration the biotechnology field, then there is no other company that can beat RHHBY in terms of innovative solutions. It is the largest biotechnology company in the world and offers world-class medicines in oncology, infectious diseases, immunology, neuroscience and ophthalmology.
Recently, Roche Holding Ltd. (ADR) (OTCMKTS:RHHBY) announced the launch of the latest viral load assay cobas HBV quantitative nucleic acid test. It can be used for the cobas 6800/8800 Systems. The announcement has increased not only the viral load monitoring portfolio of the company, but also its overall reach in the biotech field. All the major Hepatitis B genotypes are completely covered in this nucleic acid test. At a time, when every second company in biotech is running after solutions of such life-threatening diseases, this announcement of RHHBY can be considered as a great milestone.