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Konica Minolta to acquire Ambry Genetics in $1 billion deal

by Thomas Dworetzky , Contributing Reporter
A Konica Minolta subsidiary is acquiring Aliso Viejo, California's Ambry Genetics in a $1 billion deal, the companies have announced.

The buy will be structured so that Konica Minolta, through Konica Minolta Healthcare Americas – a wholly owned subsidiary of Konica Minolta and Japanese state-backed Innovation Network Corporation of Japan (INCJ) – will pay $800 million to Ambry. Ambry shareholders will get up to $200 million in addition if “certain financial metrics” are met over the next two years, putting the deal's total worth at about $1.0 billion.

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The deal is set to close in the third quarter of fiscal year 2017.

“This acquisition is the first in a series of strategic initiatives to secure a leading position for Konica Minolta in precision medicine,” Shoei Yamana said in a statement. “The future of medicine is patient-focused. Together with Ambry, we will have the most comprehensive set of diagnostic technologies for mapping an individual’s genetic and biochemical makeup, as well as the capabilities to translate that knowledge into information the medical community can use to discover, prevent, and cost-effectively treat diseases. This will not only serve as the future foundation for our health care business, but will pave the way for a fundamental shift in the way medicine is practiced globally.”

Konica Minolta plans to bring Ambry’s capabilities first to Japan, and then to Europe.

The deal is said to be the biggest ever done by Konica, according to Reuters.

Privately held Ambry was founded in 1999 by President and Chairman Charles L.M. Dunlop and CEO Dr. Aaron Elliott.

The company has a suite of genetic tests for inherited and non-inherited diseases, as well as for numerous clinical specialties, including oncology, cardiology, pulmonology, neurology, and general genetics. The firm has performed more than one million genetic tests and identified more than 45,000 mutations in at least 500 different genes.

“We’re excited by this opportunity to combine both our companies’ technologies to unlock new opportunities for precision medicine,” said Dunlop. “As a part of Konica Minolta, we will have the resources, technology, and scale to advance biomedical research and enable the matching of more patients in more countries with specialized medicines that target the underlying cause of their illness.”

Ambry’s capabilities fit in with Konica Minolta’s imaging technology to provide a “comprehensive range of health care diagnostics,” said the companies.
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