Illumina has pulled out of its planned US$1.2 billion takeover of Pacific Biosciences of California, the genetic sequencing giant announced Thursday, January 2.
The action follows resistance to the takeover from the Federal Trade Commission and other regulators on the grounds that it would reduce competition.
Illumina will pay US$98 million to cancel the deal, but could recoup that outlay if another company strikes a deal to buy PacBio before October. Cowen analysts listed Agilent Technologies, Danaher, and Thermo Fisher Scientific as potential buyers of PacBio.
Full Content: Gov UK
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