The whole topic is pretty intriguing. SQNM is ILMN's largest customer. ILMN has indicated numerous times that they were targeting diagnostic testing in acquisition strategy. Seems as though they view the profit potential as much greater in the testing end rather than compete on equip side. ILMN has largest equip footprint, but there are other sources (TMO/LIFE/Pac Bio/Beckman Coulter). Most comments have focused on price of $450m with earnout for approx a competitor that has around 10% of market vs SQNM at 80%. Indicates company is significantly undervalued in a take out play. However, never a good thing when your equip provider buys a competitor who is also involved in IP litigation.
If this pushes SQNM to be acquired by a larger company like Roche/Quest who are also on the prowl for diagnostics companies, it could really hurt ILMN in the long term but nothing is particularly clear at this point. As I said, intriguing to say the least.
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