Novartis is a Swiss pharmaceutical company that has acquired American oncology lab Genoptix for $470 million in cash. Novartis will be paying $25 for each share of Genoptix which is a 27% premium above the stock’s closing price of $19.76 on Friday.
Genoptix is known for diagnosing bone, blood, and lymph cancers and disorders for oncologists and hematologists. Based in Carlsbad, California Genoptix was founded in 1999 and employs about 500 people. Genoptix reported a revenue of $148 million for the first 9 months in 2010. Earlier this month Novartis acquired a 77% majority control of eye care company Alcon.