Pacific Biosciences of C... (NASDAQ:PACB)
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6 Months : From Oct 2019 to Apr 2020
By Brent Kendall
WASHINGTON -- The Federal Trade Commission said it is challenging Illumina Inc.'s proposed $1.2 billion deal to buy Pacific Biosciences of California.
The FTC is bringing an administrative lawsuit alleging the biotech acquisition would allow Illumina to unlawfully maintain a monopoly in next-generation DNA sequencing by eliminating PacBio as a nascent competitor.
The commission also said it would file a concurrent action in federal court if necessary to block the deal temporarily while it seeks to hold a full trial in its own administrative court.
The FTC said the acquisition would eliminate both current and future competition between San Diego-based Illumina and PacBio, based in Menlo Park, Calif.
Neither Illumina nor PacBio immediately responded to requests to comment.
(END) Dow Jones Newswires
December 17, 2019 16:43 ET (21:43 GMT)
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