San Francisco Bay Area biotech stories.
Monday, September 17, 2012
Chinese company to buy Complete Genomics, keep HQ in Mountain View
Complete Genomics' Cliff Reid.
A Chinese company will buy human genome sequencing company
Complete Genomics Inc.
for $113 million, the companies said Monday, and provide $30 million in bridge financing for operations after signing a merger agreement.
A U.S. subsidiary of BGI-Shenzhen, which includes nonprofit genomic research institutes and sequencing application commercial units, will launch a tender offer to buy all the outstanding shares of common stock in Mountain View-based Complete Genomics (NASDAQ: GNOM) for $3.15 per share cash. The price represents an 18 percent premium over Complete Genomics' $2.67 closing price on Friday.
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