As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
Activists with Black Lives Matter, who met privately with Buttigieg in the weeks after police shot and killed Eric Logan, say the 37-year-old mayor brushed off their concerns...2020 Electionsread more
Trump said he "is revoking" a federal waiver that allowed the state to craft its own rules on greenhouse gas emissions from vehicles.Politicsread more
Wall Street economists think the Fed will cut rates by 25 basis points at its September meeting but have differing views about what will happen in the future.Marketsread more
FedEx CEO Fred Smith mentioned Amazon as one of his competitors during Tuesday's earnings call, a shift in stance for a company that's long downplayed Amazon's move into the...Technologyread more
J.P. Morgan Chase chief Dimon says he doesn't think the U.S. is close to recession and called the Fed's Powell "a quality human."Marketsread more
Check out the companies making headlines in midday trading.Market Insiderread more
Drone and missile debris recovered by investigators at the Saudi Aramco attack site is proof of Iranian culpability, a Saudi defense ministry representative told media on...World Politicsread more
FedEx CEO Fred Smith is "basically implying that we're going to import" a global slowdown, says CNBC's Jim Cramer.Investingread more
The unspecified action comes after the U.S. accused Iran of carrying out the weekend attacks on critical Saudi oil installations.Politicsread more
Four Wall Street firms downgraded FedEx after the company's poor earnings report.Marketsread more
Swiss pharmaceutical giant Roche Group is buying Flatiron Health, an Alphabet-backed cancer-focused start-up founded by two former Google employees, according to sources familiar with the matter. The company will pay $1.9 billion, adding to its existing stake, for a total value of $2.1 billion.
The company has confirmed the deal in a press release.
Flatiron was valued at $1.2 billion when it raised its last round from Roche in 2016. Medical distribution giant McKesson was also interested in buying the company, sources say.
Alongside Alphabet's GV (formerly Google Ventures), Roche is one of the biggest backers in Flatiron, having led the most recent venture round of $175 million in 2016. It already owned 12% of the company. As part of the deal, Roche agreed to acquire several of the company's software products, which was intended to put the company in a position to go public.
Flatiron has an electronic medical record system used by doctors who are treating patients with cancer. It then uses this data to help researchers and life sciences companies figure out better treatments for cancer -- for instance, by making sure that the right patients are being recruited for clinical trials.
The company was founded by former Google employees Nat Turner and Zach Weinberg.
Flatiron's founders told the New York Times in 2016 that it planned to go public in two to three years. Prior to being sold, Flatiron had intended to raise an additional round of financing.
In a conversation with CNBC, CEO Nat Turner said the company will remain an independent legal entity "within the Roche family of companies." Turner said that was a requirement for Flatiron as it sought out interest in a potential deal. The employees, including the founding team, will stay on as Flatiron employees, he added.
"Nothing is changing from the brand identity perspective," he said.
Flatiron has raised more than $300 million from investors across the technology and health care investors, including Roche, Allen & Company, GV, First Round Capital and SV Angel.
The transaction is expected to close in the first half of this year and will bolster Roche's oncology portfolio. Roche has ramped up its interest in companies at the intersection of medicine and technology, through partnerships with 23andMe, Foundation Medicine as well as the strategic investment in Flatiron.