65.5 F
San Diego
Monday, Mar 18, 2024
-Advertisement-

Illumina Will Buy Solexa

San Diego-based genetic analysis company Illumina Inc. announced the acquisition of Hayward-based Solexa Inc. for approximately $600 million in Illumina stock. The announcement came Nov. 13.

The transaction, expected to conclude by the end of first-quarter 2007, will entitle Solexa stockholders to shares of Illumina stock valued at $14 per Solexa share. Illumina is traded on the Nasdaq as ILMN and closed Nov. 10 at $44.05.

Solexa developed a proprietary genetic analysis system to be used for whole genome sequencing. Solexa Chief Executive Officer John West will join Illumina as senior vice president and general manager of the sequencing business.

The boards of directors of both companies unanimously approved the merger agreement.

Illumina expects to maintain Solexa’s California and Cambridge, England-based operations. Two members of the Solexa board of directors will join the Illumina board.

, Andy Killion

-Advertisement-

Featured Articles

Oberon Eyes Europe for Renewable DME

Leaders of Influence in Law 2024

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-