Roche acquires Gwynne and Associates pharmaceuticals company
Roche, the world’s largest drugmaker, has agreed to acquire the New York-based company Gwynnes Associates for $1.1 billion, the company announced.
The deal is expected to close in the fourth quarter of 2019, and the company said it expects to add nearly 100 new jobs.
Gwynns Associates has been a leader in developing the new cancer drug Humira.
The company has received $1 billion in funding and will retain the majority of the stock it has in the transaction, Gwynner said in a statement.
The acquisition will strengthen Gwynned’s leadership in the drug discovery and development industry, Glynne said in the statement.
“The acquisition of Gwynnne will help us continue to deliver value to our shareholders and will also create more than 1,000 new jobs across our U.S. and international operations,” Gwynnen said.
The purchase will help Gwynners stock value, which is up nearly 50% this year, as well as drive long-term growth, Glynn said in an interview with CNBC.
Roche, a U.K.-based company, is in the midst of a global expansion effort.
In 2018, the pharmaceuticals giant said it plans to expand its U.Y.C. headquarters from 15,000 to 200,000 square feet.
The new headquarters will be one of the largest in the world.
The U.B. of London-based pharmaceuticals group has been struggling since it launched the new Humira, a highly-priced cancer drug.
Roche said it will spend up to $5 billion on the deal.
“We expect this investment to drive further expansion, support Gwynning’s long-run growth and create new jobs,” Glynn said in her statement.
Roche and Gwynnings Associates were established in 1988.
The merger is subject to regulatory approval.