Illumina Announces the Completion of Its Acquisition of Solexa
News Feb 01, 2007
Illumina, Inc. has announced that it completed its acquisition of Solexa, Inc. in a stock-for-stock merger.
Solexa stockholders have approved the merger agreement Illumina and Solexa entered into on November 12, 2006, and Illumina stockholders approved the issuance of shares of Illumina common stock for the acquisition of Solexa.
Under the terms of the merger agreement, Solexa stockholders will receive 0.344 of a share of Illumina common stock for each share of Solexa common stock.
“We are excited to join the two companies, creating the only company with genome-scale technology for genotyping, gene expression, and sequencing, the three cornerstones of modern genetic analysis,” said Jay Flatley, President and Chief Executive Officer of Illumina.
“With Solexa’s recent technical achievements we look forward to the rapid commercialization of our next-generation sequencing platform.”
In connection with the merger, the size of Illumina’s board of directors was increased from eight to ten members. The two newly appointed members are Blaine Bowman and Roy A. Whitfield both of whom were members of Solexa’s board of directors.