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Illumina, Inc. (ILMN) Signs Definitive Agreement To Acquire CyVera Corporation


10/19/2005 5:12:48 PM

SAN DIEGO & WALLINGFORD, Conn.--(BUSINESS WIRE)--Feb. 22, 2005-- Illumina, Inc. (NASDAQ:ILMN) announced today that it has signed a definitive agreement and plan of merger with CyVera Corporation, a privately held Connecticut-based company, pursuant to which CyVera will become a wholly owned subsidiary of Illumina. CyVera's digital-microbead platform is highly complementary to Illumina's portfolio of products and services and upon closing of the transaction will become an integral part of the company's BeadArray(TM) technology. The acquisition will provide Illumina with a comprehensive approach to bead-based assays for biomarker R&D and in-vitro and molecular diagnostic opportunities, including those that require low-complexity as well as high-complexity testing. As a result, Illumina intends to expand its activities to seek diagnostic collaborators and partners. The aggregate consideration for the transaction is $17.5 million, consisting of approximately 1.5 million shares of Illumina common stock and the payment of approximately $2.3 million of CyVera's liabilities at the closing. The exact number of shares will be based on the average price of Illumina's outstanding shares before closing, subject to a 10% collar around the ten-day average price for the shares on the date of the agreement. Illumina will also assume outstanding stock options at an exchange ratio determined by the closing price. The closing is subject to customary conditions and is expected to be completed by the end of March.

Read at BioSpace.com

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