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.”
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