Roche Holdings (OTCMKTS: RHHBY) announced the signing of a definitive share purchase agreement to acquire the TIB Molbiol Group wholly. The acquisition is expected to be complete by the fourth quarter of 2021.
TIB Molbiol Group and Roche have collaborated for more than 20 years
By acquiring TIB Molbiol Group, Roche hopes to expand its molecular diagnostics solutions with different assays for infectious diseases like SARS-CoV-2 variant identification. TIB has a portfolio with more than 45 CE-IVD assays and over 100 research use assays available on Roche’s MagNA Pure Sample preparation and LightCycler PCR systems.
Over the last two decades, TIB and Roche have collaborated to solve critical needs in the healthcare sector. These needs include biological threats like anthrax, SARS, SAR-CoV-2, avian influenza virus, Zika virus, MERS, Ebola, and H1N1 swine. In most cases, TIB has shown its ability to make PCR assays for detecting new pathogens in a few days.
According to the CEO of Roche Diagnostics, Thomas Schinecker, the acquisition will enable TIB to develop new tests for existing pathogens and improve their response to new pathogens and biological threats.
Roche and TIB collaboration helped them to create COVID-19 diagnostic test
When COVID-19 became a threat, Roche’s collaboration with TIB was able to provide the first SARS-CoV-2 detection test a few days after scientists had sequenced the virus. This collaboration will enable the two companies to create affordable diagnostic solutions that will improve patient’s outcomes.
TIB Molbiol, a biotech company, has developed various reagents for medical diagnosis and research for more than 30 years. The company has headquarters in Berlin, Germany. It also has operations in Australia, Spain, Italy, the U.S and Colombia.
As a producer of custom oligonucleotides, TIB has dealt in the production of Molecular Diagnostics. The company has produced an assortment of diagnostic assays, most of which detect infectious diseases.
Roche is the largest biotech company globally. It focuses on diagnostics and pharmaceuticals. The company also works to improve access to medical innovation. Over 30 medications developed by the company are in the World Health Organisation Model Lists of Essential Medicines. These include anticancer drugs, antimalarial drugs, and antibiotics.