Roche to buy German mtm laboratories

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Swiss pharmaceutical giant Roche said on Tuesday it had agreed to buy Germany's mtm laboratories, a specialist in diagnostics for detecting cervical cancer, for up to 190 million euros ($268 million).

"Under the terms of the agreement, Roche will pay mtm shareholders an upfront payment of approximately 130 million euros as well as up to approximately 60 million euros upon reaching performance-related milestones," said Roche.

The privately-held German group's "comprehensive offering is unmatched in the diagnostics industry and will give Roche a superior competitive position in the field of cervical cancer testing," said Daniel O'Day, Roche Diagnostics chief operating officer.

The transaction is expected to be completed in coming weeks.

© 2011 AFP

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