Illumina Signs Definitive Agreement to Acquire Solexa
Headquartered in Hayward, CA, with substantial operations in Cambridge, England, Solexa has developed a proprietary, next generation genetic analysis system for use in whole genome sequencing, targeted resequencing, digital gene expression and microRNA analysis. The market opportunity in sequencing is estimated at $1 billion, creating a market opportunity for the combined company in excess of $2.25 billion. Together, Illumina and Solexa plan to create the only company with genome-scale technology for genotyping, gene expression and sequencing.
The transaction is expected to be modestly accretive in 2008 and significantly accretive thereafter. In addition, Illumina expects to realize cost synergies primarily through cost avoidance and Illumina's ability to leverage its selling, general and administrative infrastructure, including elimination of Solexa's public company expenses.
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