On Thursday, Illumina Inc agreed to stop the $1.2 billion deal which was to buy rival Pacific Biosciences not long after they filed a complaint to block the purchase.
Illumina, the gene-sequencing company, will pay $98 million to Pacific Biosciences for the terminated deal announced in 2018. This attracted scrutiny with U.S. and U.K. antitrust authorities.
Illumina has a reputation for being a major player in nascent gene sequencing which includes genome analysis amongst other uses, inherited disorder identification and disease progression markers.
Last month, the U.S. Federal Trade Commission complained and raised concerns regarding the deal from Illumina to prevent Pacific Biosciences from developing into the market’s next-generation DNA sequencing competitor.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.