Acquisitions · Genetic testing
Konica Minolta buys US genetic testing firm Ambry Genetics for up to $1 billion
- Buyer
- Konica Minolta (60%) with INCJ (40%) (Tokyo)
- Target
- Ambry Genetics, Aliso Viejo, California
- Value
- $800M upfront plus up to $200M earn-out; about ¥90.2B including fees
- Status
- Agreed on July 6, 2017; completed in October 2017.
- Date
- 2017-07-06
Konica Minolta agreed to buy Ambry Genetics, a genetic testing company in Aliso Viejo, California, together with the Innovation Network Corporation of Japan (INCJ), a Japanese state-backed fund. They paid $800 million at closing, with up to $200 million more tied to performance over two years. Konica Minolta's US healthcare unit funded 60% of the closing payment and INCJ 40%.
Why it matters
Konica Minolta called the deal the first step in building a presence in precision medicine, combining its imaging technology with genetic testing.
About Ambry
Ambry Genetics was founded in 1999 and had performed more than one million genetic tests. It was led by Charles Dunlop, its president and chairman. The extra payment of up to $200 million depended on financial measures over two years that were not disclosed.
Konica Minolta's plan
Konica Minolta, known for office equipment and medical imaging, planned to pair its imaging technology with Ambry's testing to help doctors choose treatments based on a patient's genes. The deal was expected to close in October 2017, subject to regulatory approvals.
Sources
Kakehashi M&A News home
