What to Know
- Swiss drugmaker Roche has agreed to acquire Philadelphia gene therapy pioneer Spark Therapeutics in an all-cash deal valued at $4.8 billion.
- Spark, which has been headquartered in Philly since 2013, recently announced plans to expand.
- The deal has been unanimously approved by both company’s boards but still requires regulatory and shareholder approval.
Swiss drugmaker Roche entered into a definitive agreement Monday to acquire Philadelphia gene therapy pioneer Spark Therapeutics in an all-cash deal valued at $4.8 billion.
The proposed deal is expected to close during the second quarter. It doesn’t mean Spark is leaving the city — where it has made its home since 2013 and recently announced plans to expand.
Under the agreement, which has been unanimously approved by both company’s boards but still requires regulatory and shareholder approval, Spark will continue its operations in Philadelphia as an independent company within the Roche Group.
The deal calls for Roche to pay Spark stockholders $114.50 per share, which represents a premium of 122 percent over Spark’s Feb. 22 closing price.
For more on the multi-billion dollar sale, click here.
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