Swiss drugmaker Roche says it plans to offer shareholders $5.7 billion for DNA diagnostics company Illumina.
Roche Holding AG said in a statement early Wednesday that the deal would accelerate routine clinical use of DNA testing, and it said that buying San Diego-based Illumina will strengthen Roche's position in diagnostics because the companies' technologies are complementary.
Roche's planned tender offer of $44.50 per share would represent an 18 percent premium over Tuesday's closing price of $37.69 for Illumina shares.
Roche said it's also more than 60 percent above the last closing price before speculation surfaced Dec. 21 that Roche was considering acquiring Illumina.
Roche said it has tried to negotiate a deal, but Illumina has declined to participate.
The offer will depend on a majority of shareholders tendering their stock.