Mergers & Acquisitions,
Corporate
Jan. 6, 2020
Illumina drops $1.2B acquisition of California bioscience firm after FTC complaint
The agency alleged the deal was an unlawful attempt by Illumina to maintain its U.S. monopoly in the DNA sequencing market.
San Diego-based biotechnology company Illumina Inc. has canceled its planned $1.2 billion acquisition of Pacific Biosciences of California Inc. after the Federal Trade Commission challenged the deal, alleging it violated antitrust regulations, the agency said.
In an administrative complaint filed last month, the commission claimed Illumina sought "to unlawfully maintain its monopoly in the U.S. market for next-generation DNA sequ...
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