DNA sequencing giant Illumina is shoring up its position in genetic research through a cash deal to acquire Pacific Biosciences for approximately $1.2 billion.
Under the agreement, Illumina (NASDAQ: ILMN) will pay $8 per Pacific Biosciences (NASDAQ: PACB) share, a 79 percent premium to the Wednesday closing stock price of the Menlo Park, CA, company.The company’s shares haven’t traded above $8 since November 2016. PacBio went public eight years ago at $16 per share.
Though both Illumina and PacBio offer gene sequencing systems, the companies say the deal brings together complementary technologies. Illumina’s sequencing technologies analyze short… Read more »
UNDERWRITERS AND PARTNERS