Foundation Medicine, Inc. (FMI, Financial)(“FMI”) is a diagnostic lab company that specializes in analyzing the DNA sequence of the most complex cancers. It uses next generation genetic sequencing to find over 300 relevant cancer genes. On top of this, its information technology platform links pharmaceutical companies with oncologists and scientific research. Roche Holdings announced a broad strategic relationship with FMI in January 2015, buying over 50% of FMI’s shares at $50 per share. Included in the various agreements with Roche are plans to co-market FMI’s tests overseas, develop additional high value tests, and use Roche’s U.S. sales force to educate medical professionals about the advantages of FMI’s technology. We believe FMI is well positioned to take share in the emerging multi-billion dollar complex cancer diagnostics market.
From Baron Opportunity Fund third-quarter 2016 commentary.
