BGI has slammed the brakes on the rollout of the population-scale sequencing system that was set to offer an alternative to Illumina's HiSeq X platform, GenomeWeb reports. The setback is part of a wider rejig at BGI's Complete Genomics subsidiary, which is firing a "substantial" number of staff, changing CEOs and retooling to become a BGISEQ-500-focused R&D shop.
When struggling Complete Genomics went up for sale last year, it sparked a fight between rival sequencing superpowers BGI and Illumina that touched on national security and a host of other big issues. BGI ultimately won and has now begun to outline its plans for its $119 million acquisition.
BGI-Shenzhen nailed down U.S. government approval for its controversial buyout of Complete Genomics, which would expand the Chinese sequencing powerhouse's technological capabilities in the competitive business of decoding DNA for medicine and agriculture.
Illumina ($ILMN), a gene sequencer and diagnostics company, will renew a push to continue its patent fight against Complete Genomics ($GNOM).
Complete Genomics notched a legal victory in its patent squabble with Illumina, as a federal judge threw out 9 of Illumina's infringement claims.
After watching its stock price get pummeled throughout the course of this year, Complete Genomics has accepted a $117 million buyout offer from China's BGI-Shenzhen. The deal comes at a 54% premium over the Mountain View, CA-based biotech's close in early June, when it announced a plan to start studying strategic options, igniting buzz about a likely takeover.
Complete Genomics' ($GNOM) search for strategic alternatives announced in June has led to a $117.6 million buyout deal with DNA sequencing competitor BGI. China-based BGI plans to scoop up Moutain View, CA-based Complete for $3.15 per share in cash as part of a move that would expand the company's U.S. footprint.
Amazon has revealed a new cloud-based service called Glacier for archiving large amounts data on the cheap.
As interpreting DNA sequencing data becomes a focus in biotech research, Complete Genomics ($GNOM) and Ingenuity Systems plan to roll up their technologies to provide a more complete combined service to sequencing customers.
Complete Genomics is slumping. The provider of whole genome sequencing and informatics support has decided to cut about 20% of its roster to conserve cash, and the company has hired a financial adviser to aid its hunt for "strategic alternatives."