Konica Minolta acquires Ambry Genetics to expand precision medicine services

Tokyo, Japan-based Konica Minolta, a digital technology company, acquired Aliso Viejo, Calif.-based Ambry Genetics Corp., a genetic testing firm, to expand its precision medicine offerings.

The Konica Minolta subsidiary Konica Minolta Healthcare Americas and the public-private partnership Innovation Network Corporation of Japan will make an upfront cash payment of $800 million to Ambry. Ambry shareholders will receive up to $200 million in additional payments based on financial metrics over the next two years, valuing the acquisition at up to $1 billion.

Konica Minolta will initially bring Ambry's services — which include genetic testing solutions for inherited and non-inherited diseases — to Japan. The company will then roll out these services to Europe. Konica Minolta was known for its cameras, printers and photocopiers, but within the past 10 years, moved into the healthcare technology sector, according to the LA Times.

The transaction is expected to close in the third quarter of fiscal year 2017, subject to customary regulatory approvals. Under the agreement, Ambry will be a consolidated subsidiary of Konica Minolta, operating under the Ambry name and keeping its headquarters in Aliso Viejo.

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