Novartis bids $ 470 mn for US cancer diagnostic firm

GENEVA: Swiss drug maker Novartis AG says it is paying $470 million to acquire U.S. cancer diagnostic specialist Genoptix Inc.

Novartis said on Monday it will pay $25 per share to acquire all of the Carlsbad, California-based company's outstanding stock.

It says the price represents a 39 per cent premium over Genoptix's share value on Dec. 13, 2010, when rumors of a sale sparked a price surge.

Novartis CEO Joseph Jimenez says the acquisition of Genoptix will help the Basel-based pharma giant expand its individualized cancer treatment programs.

Genoptix specializes in diagnosing cancers in bone marrow, blood and lymph nodes. It had sales of $148 million during the first nine months last year.