Complete Genomics Pops after Illumina Takeover News

Shares of Complete Genomic
GNOM
are seeing much strength after Roche's announced a hostile takeover of Illumnia last night. Roche
RHHBY
announced yesterday that it is proposing to acquire all outstanding shares of Illumina 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. Complete Genomics has a similar business, in which it is a life sciences company that developes and commercializes a deoxyribonucleic acid [DNA] sequencing platform. Its complete genomics analysis platform Platform, combines its human genome sequencing technology with its advanced informatics and data management software and its end-to-end, outsourced service model to provide its customers with data that is ready to be used for genome-based research. Currently, shares of Complete Genomics are trading up about 14% at $2.85.

Posted In: NewsRumorsFDAM&APre-Market OutlookMovers

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