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.