As Illumina runs into another regulatory roadblock to expansion, one of its almost-subsidiaries is charging ahead with a new buyout.
Pacific Biosciences, often referred to as PacBio, is aiming to swallow rival Omniome in an $800 million stock and cash deal, the companies announced Tuesday morning. PacBio will fork over $600 million upfront consisting of $300 million cash and 9.4 million shares, and is on the hook for another $200 million in cash and stock should certain milestones be achieved.
The buyout is expected to close by the end of September, the companies added. Tuesday’s news sent PacBio shares $PACB up about 3% in pre-market trading, but the stock trended down about 2% after the opening bell.
In conjunction with the deal, PacBio is selling off more than 11 million shares to raise $300 million in a PIPE financing round. Investors…
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