Roche will acquire BioVeris for approximately $600 million. This acquisition will expand Roche Diagnostics’ immunochemistry business from the human diagnostics field into life science research, development, patient self-testing, veterinary testing, drug discovery and development, and clinical trials. With the acquisition, Roche will own the electrochemiluminescence (ECL) technology deployed in its Elecsys product line, which gives Roche Diagnostics the opportunity to take advantage of the immunochemistry market.

Samuel J. Wohlstadter, chairman and chief executive officer of BioVeris, said, “We are pleased that this transaction will deliver substantial value to BioVeris shareholders. Given the history between the parties and the scope of Roche’s existing diagnostics business, Roche is the natural buyer for BioVeris. We look forward to working with our colleagues at Roche to facilitate a timely close and orderly integration.”

Severin Schwan, chief executive officer, division Roche Diagnostics, said, “ECL is a highly innovative technology. In comparison with other detection technologies ECL offers distinct advantages such as enhanced sensitivity, short incubation times and broad measuring ranges. This acquisition ensures that Roche will be able to provide unrestricted access to all customers and therefore represents a significant growth opportunity for our immunochemistry business.”

The transaction, which expected to close during the third quarter of this year, is subject to the approval of BioVeris’s shareholders, receipt of certain regulatory approvals and other customary closing conditions.

In connection with the acquisition, two newly formed entities established by Mr. Wohlstadter will purchase rights to certain intellectual property and related assets from BioVeris associated with its vaccines research and a non-exclusive license to use the ECL technology. A committee of independent directors of BioVeris’s board approved these transactions.