Konica Minolta has made a deal to acquire the U.S. genetic testing firm Ambry Genetics for up to $1 billion. | BLOOMBERG

Business / Corporate

Konica Minolta, INCJ to acquire U.S. genetic testing firm in a deal of up to $1 billion

Kyodo

Konica Minolta Inc. said Thursday that it will partner with Innovation Network Corp. of Japan to buy the U.S. genetic testing firm Ambry Genetics Corp. for up to $1 billion.

Under the deal set to be closed in October, Konica Minolta will take a 60 percent stake in Ambry Genetics, with the INCJ, a state-backed investment fund, taking the rest.

Established in 1999, Ambry Genetics analyses genetic data to detect cancer and other diseases. The firm is based in Aliso Viejo, California

Konica Minolta, a maker of copiers, printers and precision equipment, hopes to expand its health care businesses as its core office equipment operations offer little room for growth.

Konica Minolta will buy the U.S. firm’s shares from its founder and individual shareholders.

The deal values Ambry Genetics at $800 million, and the purchase price may increase by up to $200 million depending on its earnings performance over the next two fiscal years, Konica Minolta said.

GET THE BEST OF THE JAPAN TIMES IN FIVE EASY PIECES WITH TAKE 5

JOIN THE CONVERSATION

LATEST BUSINESS STORIES

Mitsubishi Electric Corp. said Monday that it was the target of a massive cyberattack, but confirmed that highly sensitive information was unaffected.

Mitsubishi Electric data likely compromised in massive cyberattack blamed on Chinese group: Mitsubishi Electric Corp. said Monday that it was the target of a massive cyberattack, and that information regarding government agencies and other business partners was likely compromised, with a ...

WEF gathering in Davos strives for solutions amid global instability: In 1971, the inaugural European Management Symposium was held in Davos, a ski resort in the Swiss Alps, the event a precursor to what would later become the World Economic Forum's annual meeting...

Creativity and perseverance for a sustainable future: The pollution caused by marine plastic litter has generated global attention in recent years. At the G20 Osaka Summit in June, countries agreed to take...