Illumina Battles BGI Over Purchase of Complete Genomics
Illumina confirmed that it made a competing unsolicited bid for Complete Genomics at about 5 percent above BGI-Shenzhen’s offer for the Mountain View, Calif.-based next-generation sequencing services firm.
In a document filed with the US Securities and Exchange Commission late Friday, Illumina confirmed it was the company identified as “Party H” by Complete Genomics that made an offer of $3.30 per share to acquire it.
Complete Genomics disclosed the bid earlier this week in an SEC document, adding that it declined the offer after determining that it would likely be turned down by regulators. In another SEC document filed on Friday, Complete Genomics further said that its board determined BGI’s offer to be pro-competitive compared to Party H’s because among other things BGI’s offer “will preserve the company’s innovative technology in the market place.”
Helicos BioSciences Files for Chapter 11 Bankruptcy Protection
Helicos BioSciences filed for Chapter 11 bankruptcy protection on Thursday.
The Cambridge, Mass.-based single-molecule sequencing firm filed its petition in US Bankruptcy Court for the District of Massachusetts after years of struggling financially and trying to keep pace in the fast-moving next-generation sequencing space.
Under Chapter 11 bankruptcy, Helicos will be afforded the opportunity to reorganize its operations, and the company said that it continues to operate as a debtor in possession.
In a document filed with the US Securities and Exchange Commission today, Helicos said it filed for Chapter 11 protection after its board “determined that continued operation of the company outside of bankruptcy protection is not possible due to its lack of cash resources and no available funding operations.”