Market Overview

Pacific Biosciences of California Surging after Roche's Hostile Takeover of Illumina

Shares of Pacific Biosciences of California (NASDAQ: PACB) are seeing much strength after Roche's announced a hostile takeover of Illumnia last night.

Roche (OTC: RHHBY) announced yesterday that it is proposing to acquire all outstanding shares of Illumina (NASDAQ: ILMN) for $44.50 per share in cash, or an aggregate of approximately $5.7 billion on a fully diluted basis.

This offer represents a 64% premium over Illumina's stock price on December 21, 2011 – the day before market rumors about a potential transaction between Roche and Illumina drove Illumina's stock price significantly higher – a 61% premium over the one-month historical average and a 43% premium over the three-month historical average of Illumina's share price, both as of December 21.

Illumina is a developer and manufacturer of life science tools and integrated systems for the analysis of genetic variation and function. The Company provides a line of genetic analysis solutions, with products and services that serve a range of interconnected markets.

Pacific Biosciences of California is similar to Illumina, which develops, manufactures and markets an integrated platform for genetic analysis. The Company has developed a technology to study the synthesis and regulation of deoxyribonucleic acid [DNA].

Currently, shares of Pacific Biosciences are trading up over 25% at $5.00.

Posted-In: News Rumors FDA M&A Pre-Market Outlook Movers

 

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