Illumina's $1.2B buyout dies amid FTC 'monopolist' accusation
Illumina’s $1.2 billion buyout of Pacific Biosciences is dead.
The two DNA sequencing companies officially tore up their merger agreement less than a month after the Federal Trade Commission blocked the deal in a surprising and strongly-worded statement that deemed Illumina a “monopolist” who was trying to solidify its long-term hold on the market by quashing a “nascent competitive threat.”
“When a monopolist buys a potential rival, it can harm competition,” Gail Levine, FTC’s Bureau of Competition deputy director, said at the time. “These deals help monopolists maintain power. That’s why we’re challenging this acquisition.”
Keep reading Endpoints with a free subscription
Unlock this story instantly and join 90,300+ biopharma pros reading Endpoints daily — and it's free.