U.S.-based biotechnology company Illumina, Inc. and rival Pacific Biosciences announced they have signed an agreement for Illumina to acquire Pacific Biosciences at a price of $8 per Pacific Biosciences share in an all-cash transaction.
This price represents a premium of 71 percent to Pacific Biosciences’ 30 weighted average share price as of the market close and a total enterprise value of approximately $1.2 billion on a fully diluted basis. The move complements Illumina sequencing solutions with accurate long-read sequencing capabilities to answer a set of complex genomic questions.
With its acquisition of Pacific Biosciences, Illumina will be positioned to provide integrated workflows and novel innovations that bring together the best of both technologies to help researchers advance their discoveries faster and clinicians offer new tests economically.
The transaction is subject to approval by the shareholders of Pacific Biosciences, as well as other customary closing conditions, including applicable regulatory approvals. Illumina expects to close the transaction in mid-2019.