Roche Buys Cancer Drug Maker Ignyta In A $1.7 Billion Deal

Roche Holding (RHHBY) agreed to acquire U.S. biotech Ignyta (RXDX) for $1.7 billion, the companies said Friday, following Bayer (BAYRY) in buying into a class of experimental cancer drugs that home in on a specific mutation across many types of tumors.

Ignyta investors will get $27 a share in cash, the companies said in a prepared statement. That's 74% higher than Thursday's closing price. Both companies' boards agreed to the deal.

Roche's purchase comes about five weeks after Bayer signed a...

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