Roche reveals final details of Foundation Medicine offer

Roche has announced the final results of its tender offer for Foundation Medicine. 

The company is to purchase more than 15 million shares in Foundation Medicine, which, in addition to its existing stake in the company, would take its total holding up to around 57 percent. Each of the shares have been priced at $50 (33 pounds).

As a result of the strategic collaboration between the two organisations, Daniel O'Day, Roche Pharmaceuticals Division chief operating officer and member of the Roche corporate executive committee, will join the Foundation Medicine board of directors. 

Dr Sandra J. Horning, global head of product development and chief medical officer for Roche/Genentech, and Dr Michael D. Varney, head of Genentech Research and Early Development, are also now members of the board.

Earlier this month, the EU granted approval for Roche's Avastin plus chemotherapy treatment for women with advanced cervical cancer.

It is estimated that around 90 women are diagnosed with cervical cancer each day in Europe.