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    Pacific Biosciences, Illumina cancel USD 1.2 billion deal

    Medical Dialogues BureauWritten by Medical Dialogues Bureau Published On 2020-01-03T09:30:21+05:30  |  Updated On 3 Jan 2020 9:30 AM IST

    Gene sequencing company Illumina would pay Pacific Biosciences $98 million for the terminated deal, which was announced in 2018 and had attracted scrutiny from antitrust authorities in the United States and UK, both the companies said in a joint statement.


    New Delhi: Illumina Inc on Thursday agreed to terminate the $1.2 billion deal to buy smaller rival Pacific Biosciences of California Inc, weeks after the U.S. competition watchdog filed a complaint to block the purchase.


    Gene sequencing company Illumina would pay Pacific Biosciences $98 million for the terminated deal, which was announced in 2018 and had attracted scrutiny from antitrust authorities in the United States and UK, both the companies said in a joint statement.


    Read Also: FTC seeks to block Illumina from buying PacBio


    Illumina is a major player in the nascent gene sequencing space, which involves analyzing the genome, and can among other uses, identify inherited disorders and markers of disease progression.


    In its complaint last month, the U.S. Federal Trade Commission raised concerns that Illumina wanted the deal in order to prevent Pacific Biosciences from developing into a competitor in the market for next-generation DNA sequencing.


    Read Also: CMA refers Illumina-Pacific Biosciences deal for in-depth investigation

    deal terminatedDNA sequencingFederal Trade Commissiongene sequencinggenomeIlluminaPacific Biosciencespharma companypharma news
    Source : Reuters

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    Medical Dialogues Bureau
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      Medical Dialogues Bureau consists of a team of passionate medical/scientific writers, led by doctors and healthcare researchers.  Our team efforts to bring you updated and timely news about the important happenings of the medical and healthcare sector. Our editorial team can be reached at editorial@medicaldialogues.in. Check out more about our bureau/team here

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