Roche Group has spent $600 million to buy full ownership of BioVeris Corp. of Gaithersburg, Md., gaining control of BioVeris' diagnostic technology, reports The Indianapolis Business Journal.
The Swiss company's U.S. subsidiary, Indianapolis-based Roche Diagnostics, had licensed the electrochemiluminescence technology in machines it sold to hospitals and commercial laboratories--but was limited to diagnosing human diseases.
The acquisition, which is expected to close in the third quarter, allows Roche Diagnostics to expand sales of the equipment for veterinary applications as well as to human drug discovery and clinical trials.
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