Xconomy: Complete Genomics Sold to BGI-Shenzhen for $117.6M
Summary
Mountain View, CA-based Complete Genomics (NASDAQ: GNOM) said today it agreed to be acquired by BGI for $3.15 a share, or about $117.6 million.As part of the deal, Complete will also get $30 million in bridge financing to keep operations going after the agreement is signed, as is expected in early 2013.The companies didn’t say in today’s statement how many people they expect the California operation to employ after the close of the deal.The company declared it would achieve so much efficiency with this model that it would someday be the first to sequence 1 million genomes.With the acquisition we could see a portion of sequencing work move from existing and future external platforms onto Complete Genomics technology.” Complete Genomics, founded in 2005, ended up burning through more than $250 million in its quest without becoming profitable, according to its most recent quarterly report with the Securities and Exchange Commission.
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