SHENZHEN, China and
MOUNTAIN VIEW, Calif.,
March 18, 2013 /PRNewswire/
-- BGI-Shenzhen ("BGI"), a leading international genomics
organization based in Shenzhen,
China, today announced that through its wholly-owned
subsidiary, Beta Acquisition Corporation, it has successfully
completed the acquisition of Complete Genomics, Inc. (formerly
NASDAQ: GNOM) ("Complete"), an innovative leader in accurate whole
human genomic sequencing.
BGI accomplished the acquisition through a cash tender offer to
purchase all of Complete's outstanding shares of common stock for
$3.15 per share, followed by a
short-form merger effective March 18,
2013.
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 CEO of Complete. The company has retired
its ticker symbol, GNOM.
"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 biotechnology, healthcare
and other related fields."
"Complete and BGI share a vision of how whole genome sequencing
can revolutionize clinical medicine," Dr. Reid said. "Before the
end of this decade, I expect people around the world to routinely
receive medical advice and treatment based on their own unique
genetic makeup."
Advisors
Citi served as financial advisor for the
transaction to BGI and O'Melveny & Myers LLP was BGI's legal
counsel. Complete was advised by Jefferies & Company,
Inc. and its legal counsel Latham & Watkins LLP.
About BGI
BGI includes both private non-profit genomic
research institutes and sequencing application commercial units
that provide comprehensive sequencing and bioinformatics services
for medical, agricultural and environmental applications. Our
commercial activities help our customers achieve their research
goals by delivering rapid, high-quality results using a broad array
of cost-effective, cutting-edge technologies. Our customers also
benefit from our scientific expertise and research experience that
have generated over 250 publications in top-tier journals such as
Nature and Science. BGI is recognized globally as an
innovator for conducting international collaborative projects with
leading research institutions to better mankind and our world.
Additional information about BGI and its U.S. subsidiary, BGI
Americas, can be found at www.genomics.cn/en and
www.bgiamericas.com.
About Complete
Through its pioneering
sequencing-as-a-service model, Complete provides the most accurate
whole human genome sequencing available today. The ease of use and
power of Complete's advanced informatics and analysis systems
provide genomic information needed to better understand the
prevention, diagnosis, and treatment of diseases. Additional
information can be found at http://www.completegenomics.com.
Forward-Looking Statements
Certain statements either contained in or incorporated by
reference into this document are forward-looking statements that
involve risks and uncertainty. Future events regarding BGI's and
Complete's actual results could differ materially from the
forward-looking statements. Factors that might cause such a
difference include, but are not limited to, statements regarding
the combined companies' plans following the acquisition. These
forward-looking statements involve certain risks and uncertainties
that could cause actual results to differ materially from those
indicated in such forward-looking statements and generally include
statements that are predictive in nature and depend upon or refer
to future events or conditions. Risks and uncertainties include the
risk that Complete's business will not be successfully integrated
with BGI's business; other uncertainties pertaining to the business
of Complete or BGI; legislative and regulatory activity and
oversight; the continuing global economic uncertainty and other
risks detailed in Complete's public filings with the Securities and
Exchange Commission (the "SEC") from time to time, including
Complete's most recent Annual Report on Form 10-K for the year
ended December 31, 2011, Quarterly
Reports on Form 10-Q and its subsequently filed SEC reports, each
as filed with the SEC, which contains and identifies important
factors that could cause actual results to differ materially from
those contained in the forward-looking statements. The reader is
cautioned not to unduly rely on these forward-looking statements.
Each of Complete and BGI expressly disclaims any intent or
obligation to update or revise publicly these forward-looking
statements except as required by law.
Media Inquiries
In the U.S.:
Jason Golz
Brunswick Group
Tel: (415) 671-7676
jgolz@brunswickgroup.com
In China:
Elizabeth Liang
Brunswick Group
Tel: +852 3512 5000
eliang@brunswickgroup.com
SOURCE BGI-Shenzhen