Cravath Advises Novartis In $470M Genoptix Deal

Law360, New York (January 24, 2011, 7:20 PM EST) -- Pharmaceutical giant Novartis AG said Monday that it would buy laboratory services company Genoptix Inc. for $470 million in cash, expanding its diagnostic services portfolio.

Novartis said it would shell out $25 per share for Carlsbad, Calif.-based Genoptix, which provides personalized diagnostic services to community-based hematologists and oncologists.

The Genoptix board has unanimously approved the transaction, but the deal awaits the majority approval of shareholders, as well as regulatory approval and other customary closing conditions.

Novartis and Genoptix said they expected the transaction, which has an...
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