Pursuant to the terms of the agreement, Genia’s shareholders will receive $125m in cash from Roche and may receive an additional $225m in contingent payments depending on the achievement of certain milestones.

According to Roche, Genia’s nanopore technology is expected to reduce the price of sequencing while increasing speed and sensitivity.

Roche Diagnostics COO Roland Diggelmann said that the acquisition of Genia is a further step for Roche to introduce a potentially disruptive technology to the market.

"The addition of Genia’s single molecule semiconductor DNA sequencing platform using nanopore technology strengthens our next generation sequencing pipeline," Diggelmann added.

Following completion of the acquisition, Genia will be integrated into Roche Sequencing unit and will continue to focus on the development of this innovative system.