Roche has agreed to fully acquire GenMark at $24.05 per share in an all-cash transaction, according to the company’s press release. The total transaction value of the deal is approximately $1.8 billion and represents a premium of about 43% to GenMark’s closing share price on February 10, 2021.

The board of directors of GenMark and Roche has unanimously approved the merger agreement.

Once the acquisition is completed, GenMark’s principal operations will continue at its current location in Carlsbad, California.

Under the agreement, Roche will promptly commence a tender offer to acquire all outstanding shares of GenMark’s common stock

GenMark’s syndromic panel testing portfolio is expected to complement Roche’s current molecular diagnostics portfolio and the Roche global network to expand reach for GenMark’s products.

Roche and GenMark stocks are currently gaining. RO: SWX is up 0.69%, GNMK: NASDAQ is up 29.03% on premarket.