Nov 1, 2018

Illumina to buy Pacific Biosciences for $1.2 billion

Michael Sykes

Photo: Greg Baker/AFP via Getty Images

DNA sequencing company Illumina is purchasing Pacific Biosciences for $1.2 billion in an effort to corner the market in cutting-edge genetic research, Illumina CEO Francis deSousa announced in an interview with Forbes that published Thursday.

Why it matters: This is the largest deal Illumina has made in its history. The company had a $46 billion market capitalization ahead of the deal, and believes the acquisition could lead to more growth and market expansion resulting in what deSousa called "a more perfect view of the genome."

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How it works: The money will come from a $100 billion pot set aside for the health care industry in the most recent stimulus bill. Providers will be paid the same rates they get for treating Medicare patients, and as a condition of those payments, they won't be allowed to bill patients for care that isn't covered.

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