Federal Trade Commission Challenges Illumina's Proposed Acquisition of Pacific Biosciences

Date : 12/17/2019 @ 9:58PM
Source : Dow Jones News
Stock : Pacific Biosciences of California Inc (PACB)
Quote : 2.65  -0.24 (-8.30%) @ 5:00AM

Federal Trade Commission Challenges Illumina's Proposed Acquisition of Pacific Biosciences

Pacific Biosciences of C... (NASDAQ:PACB)
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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)

Copyright (c) 2019 Dow Jones & Company, Inc.

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