Roche are planning on spending $1 billion to take majority control of Foundation Medicine.

Roche have entered a broad strategic collaboration with Foundation Medicine in the field of molecular information in oncology. This will help advance Foundation Medicine’s position in the diagnostic market while also helping Roche optimise their own development of cancer treatments.

“We are very pleased to enter into this collaboration with Foundation Medicine, which has the potential to improve both the development of medicines and patient care,” said Daniel O’Day, COO of Roche Pharma. “By combining Foundation Medicine’s pioneering approach to genomics and molecular information with Roche’s expertise in the field of oncology, we can bring personalized healthcare in oncology to the next level.”

“We are excited to announce this strategic collaboration with Roche, which will help accelerate our business, and importantly, represents significant potential for individuals with cancer around the world. We believe that putting molecular information at the center of cancer care will help transform the delivery of care for patients and speed the pace of drug discovery and development,” said Michael J. Pellini, M.D., President and Chief Executive Officer of Foundation Medicine. “The structure of our agreement with Roche also allows us to maintain the entrepreneurial spirit at Foundation Medicine and ensures that our business model, network of partnerships and objectives are not altered.”

Click here for the full press release from Roche.

Antonio Regalado also gave the story good coverage from MIT Technology Review.