Illumina buys Pacific Biosciences for $1.2 Billion

Illumina will acquire Pacific Biosciences for $1.2 billion, it was revealed on Friday, after the agreement had been approved by the board of directors of Illumina and Pacific Biosciences.

Francis deSouza, President and Chief Executive Officer of Illumina, praised the Pacific Biosciences’ accuracy, by saying it “mirrors that of Illumina’s in short-read sequencing.” He said that combining the two technologies positions Illumina to reach more applications, accelerate the pace of genomic discovery and bolster its innovation engine.

“PacBio’s relentless pursuit to improve sequencing accuracy, while driving down the cost, underscores the potential of long-reads to expand sequencing to new customers and applications,” de Souza said.

Michael Hunkapiller, the Chief Executive Officer of Pacific Biosciences said: “Illumina continues to democratize the use of sequencing at an unprecedented rate. Through this combination, thousands of researchers will now have direct access to this technology. Illumina and Pacific Biosciences have shared values and a commitment to innovation. Our complementary sequencing technology, once integrated, will offer customers a new standard of insight and understanding, opening new frontiers of genomic utility.”