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Igen Says It's Holding Talks With Roche

The company's shares are higher by 15% following the news.
Author:

Igen International

(IGEN)

said it is holding discussions with

Roche Diagnostics

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, a division of

F. Hoffman-LaRoche

, regarding "a potential transaction," but the company didn't offer any details.

In a press release Tuesday, Igen said there can be no assurance that a transaction will be reached or on what terms. The company said it doesn't plan to make any additional public announcements regarding the talks until an agreement is reached or the discussions are over.

The two companies have been engaged in litigation for years, and this morning

Reuters

reported that Roche was in advanced talks to acquire Igen.

Earlier this month, a court reversed $486.8 million in damages that Igen previously had been awarded against Roche, but upheld Igen's ability to end a licensing agreement between the companies. The court also said Igen was still entitled to receive $18 million in compensatory damages.

Igen develops biological-detection systems based on its proprietary Origen technology. The systems are used in a variety of applications, including clinical diagnostics, pharmaceutical research, biodefense testing and food-safety tests.

Following word of the talks, shares of Igen were rising $5.14, or 15%, to $39.54 on the

Nasdaq

.