AsianScientist (Mar. 19, 2013) – BGI, a genomics company based in Shenzhen, China, has successfully acquired U.S.-based whole human genomic sequencing provider, Complete Genomics, Inc., through its wholly-owned subsidiary, Beta Acquisition Corporation.
BGI completed the acquisition through a cash tender offer to purchase all of Complete’s outstanding shares of common stock for US$3.15 per share, followed by a short-form merger effective March 18, 2013. The company has retired its ticker symbol, GNOM.
BGI will operate Complete as a separate wholly-owned subsidiary and offer a broad array of genomic research technology across a variety of platforms. Dr. Clifford Reid will remain as its CEO.
“We are delighted to now join forces with Complete,” said Dr. Wang Jun, CEO of BGI. “We greatly value the employees and the work of Complete, which will benefit our genomic research by its complete and accurate whole human genome sequencing technology. We look forward to working together to support the advancement of innovative biology technology, healthcare and other related fields.”
The Mountain View, California-based Complete Genomics was founded in 2005 by Dr. Clifford Reid and Dr. Radoje Drmanac, who are its CEO and chief scientific officer, respectively. The company experienced net losses of US$72.3 million in 2011 and US$57.7 million in 2010.
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Source: BGI-Shenzhen.
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