BioCentury
ARTICLE | Company News

BGI, Complete Genomics deal

September 24, 2012 7:00 AM UTC

A U.S. subsidiary of BGI will acquire whole genome sequencing company Complete Genomics Inc. for $3.15 per share in cash, or about $117.6 million. The price is an 18% premium to Complete Genomics' close of $2.67 on Sept. 14, before the deal was announced. The price is also a 54% premium to Complete Genomics' close of $2.04 on June 4, before the company said it planned to restructure and explore strategic alternatives. Additionally, BGI will provide a $30 million bridge financing to Complete Genomics for its operations. Complete Genomics' board unanimously recommended the deal, which is expected to close early next year. Complete Genomics reported 2011 revenues of $19.3 million. ...