GenMark and Roche Tie the Knot as Roche Jumps Into Diagnostics

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GenMark  (GNMK) - Get Report shares took off on Monday after Roche Diagnostics said it will pay $1.8 billion in cash for the company, making molecular diagnostic testing a part of the Swiss-based pharmaceutical giant's broader offerings.

Roche said it will pay $24.05 a share in cash for each GenMark share, representing a premium of 43% on GenMark’s closing share price on Feb. 10, before media speculation about a deal.

Carlsbad, California-based GenMark provides molecular diagnostic tests that are designed to detect multiple pathogens from a single patient sample. The company last March received U.S. Food and Drug Administration emergency-use authorization for its rapid COVID-19 test called ePlex.

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