Complete Genomics, Inc (GNOM)

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Illumina Says It Was Second Bidder for Complete Genomics

By Ryan Flinn - Nov 16, 2012 5:15 PM ET.
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Illumina Inc. (ILMN), the U.S. leader in genetic sequencing, said it had offered $3.30 a share to acquire rival Complete Genomics Inc. (GNOM), or 5 percent more than the bid from BGI-Shenzhen that was accepted by the company.

Complete Genomics considered Illumina’s offer “inadequate” because of the likelihood the deal wouldn’t receive clearance from antitrust regulators, the Mountain View, California-based company said today in a filing. The company named the bidder only as “Party H.”

BGI-Shenzhen, a Chinese operator of genome-sequencing centers, agreed to acquire Complete Genomics in September for $3.15 a share, or about $117.6 million, to expand in the U.S. market for medical and research DNA testing. The board of Complete Genomics has unanimously recommended that stockholders accept BGI’s offer.

Illumina, based in San Diego, said in a filing today that its offer was in cash and came without “any condition for further due diligence.”

To contact the reporter on this story: Ryan Flinn in San Francisco at [e-mail]

To contact the editor responsible for this story: Reg Gale at [e-mail]