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Roche starts cash tender offer for Ignyta shares

Switzerland's Roche Holding AG started a cash tender offer for all outstanding shares of Ignyta Inc. at $27 per share, as part of its acquisition of the California-based cancer specialist.

The tender offer period will expire at midnight Feb. 7, unless the offer is extended, Roche said in a news release.

Ignyta also filed a solicitation/recommendation statement with the SEC which includes the unanimous recommendation of the company's board of directors that Ignyta' stockholders tender their shares under the offer.

Citi and Sidley Austin LLP are acting as financial adviser and legal counsel to Roche, respectively. Bank of America Merrill Lynch and J.P. Morgan Securities LLC are acting as Ignyta's financial advisers, while Latham & Watkins LLP is acting as the company's legal counsel.

Closing of the offer is subject to customary closing conditions, including antitrust clearance. Following completion, any shares not bought in the offer will be acquired in a second step merger at the same price.

Roche expects the transaction to close in the first half of 2018.