Japanese company to buy O.C. genetics firm in a deal worth $1 billion
Date: July 6, 2017
Source: Orange County Register By HANNAH MADANS
Tokyo-based digital technology company Konica Minolta will purchase Aliso Viejo-based Ambry Genetics Corp. in a deal valued at up to $1 billion, the companies announced Thursday.
Konica Minolta will pay $800 million when the deal closes and up $200 million more will be paid “based on certain financial metrics over the next two years.” The transaction, which is subject to regulatory approval, is expected to close in the third quarter.
The deal is partially funded by Japanese state-backed Innovation Network Corporation of Japan.
Ambry, which is privately held, will continue to be based in Aliso Viejo and operate under the Ambry name. The company said there will not be any job cuts as a result of the acquisition.
Ambry has done more than 1 million genetics tests and identified more than 45,000 mutations in at least 500 genes. Konica Minolta said the acquisition will allow it to bring Ambry’s abilities to Japan and Europe.