Swiss diagnostics and drug company Roche bought the Westborough blood testing company Constitution Medical Investors for $220 million on Tuesday.
Roche, which calls itself the world’s largest biotech company, will utilize Constitution Medical Investors’ Bloodhound, a blood testing technology that is designed to provide fast and accurate diagnosis of blood-related diseases. Bloodhound, a device currently in development and not yet approved by the Food and Drug Administration, is the core technology of an automated system that has the capacity to increase laboratory efficiency and to save space.
CMI is a health care investment firm that focuses on early-stage technology funding, specifically with medical devices and testing that diagnoses disease and infection.
In addition to the $220 million paid upfront, the deal also includes the possibility of more payments, depending on whether or not the company reaches “certain milestones,” according to the agreement.
Gail WaterhouseGail Waterhouse can be reached at firstname.lastname@example.org. Follow her on Twitter at @gailwaterhouse.