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Illumina Pays Pacific Biosciences $98M To Terminate $1.2Bn Merger Deal

 
• By Reed Miller

Illumina had planned to acquire Pacific Biosciences to add the company's “long-read” gene sequencing systems to Illumina's own range of "short-read" technologies. However, the UK’s Competition and Markets Authority and the US Federal Trade Commission concluded that the deal would significantly reduce competition in the DNA sequencing market.

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• Source: shutterstock.com

Illumina Inc. announced on 2 January it had agreed to pay $98m to terminate its merger agreement with Pacific Biosciences of California Inc. following opposition from antitrust regulators in the US and UK.

The deal, originally announced on 1 November 2018, called for Illumina to pay Pacific Biosciences about $1.2bn in an all-cash transaction. The $8-per-share price represented an 89% premium over Pacific Biosciences' average stock price over the 10 days prior to the announcement

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