Illumina buys rival Pacific Biosciences for $1.2bn
Gene-sequencing company Illumina has agreed to buy competitor Pacific Biosciences (PacBio) for $1.2 billion.
Announced yesterday, November 1, the agreement is the largest deal that Illumina has made in its 20-year history, according to Forbes.
According to a press release from the companies, the acquisition complements Illumina’s sequencing solutions with accurate long-read sequencing capabilities.
While Illumina uses short-read sequencing by reading tiny fragments of DNA and assembling them, PacBio’s DNA sequencers look at a single molecule of DNA and decode long stretches of it.
Francis deSouza, president and CEO of Illumina, said: “PacBio’s unmatched accuracy mirrors that of Illumina’s in short-read sequencing.
“Combining the two technologies positions us to reach more applications, accelerate the pace of genomic discovery and bolster our innovation engine, which has been a hallmark of Illumina since our inception.”
Michael Hunkapiller, CEO of PacBio, added that through this combination, thousands of researchers will now have direct access to the companies’ technology.
He said: “Illumina and PacBio have shared values and a commitment to innovation. Our complementary sequencing technology, once integrated, will offer customers a new standard of insight and understanding, opening new frontiers of genomic utility.”
Illumina expects to close the transaction in mid-2019.
Did you enjoy reading this story? Sign up to our free newsletters and get stories like this sent straight to your inbox.
