Roche is moving aggressively into multi-cancer screening outside the U.S. with a new deal to commercialize Freenome’s kitted blood-based CRC and multi-cancer tests in international markets. The agreement includes a $75M equity investment and potential milestones that push the total value past $200M.

The partnership also gives Freenome access to Roche’s Axelios sequencing platform — a high-speed NGS system Roche hopes will become a “clinical box” for decentralized cancer screening. Analysts say it doesn’t threaten Illumina yet, but signals Roche’s long-term push into liquid biopsy infrastructure.