Complete Genomics Acquired by Chinese Non Profit Genomic Research Company BGI-Shenzhen
Posted Sep 18 2012 6:22pm
It was just in June of this year the company announced a 20 percent lay off as costs were growing. Complete was one of the front runners out there in sequencing and since 2008 the competition has increased immensely. At that time as well they announced they had hired a financial advisor and were looking at potentially selling the company so it looks like it was mission accomplished.
From the BGI website: ”With a goal toward excellence, high efficiency, and accuracy, BGI has successfully completed a large number of projects. These include sequencing 1% of the human genome for the International Human Genome Project, contributing 10% to the International Human HapMap Project, the first Asian diploid genome, 1000 genomes project, human Gut Metagenomebeing a key player in the Sino-British Chicken Genome Project, and completely sequencing the rice genome, the silkworm genome, the potato genome, carrying out research to combat SARS and, most recently decoding the genome of Germany deadly E.coli.”
Less than two years after going public, Mountain View DNA-sequencing startup Complete Genomics agreed to an acquisition offer from
a Chinese company Monday that values the firm at about one-third of the valuation received in its initial public offering.
Complete Genomics, which has sought to offer full DNA sequencing for less than $1,000 apiece, announced it has agreed to sell the company to BGI-Shenzhen for $3.15 a share in cash, for a total of about $117.6 million.
The expense has been an obstacle for researchers who are trying to decode patterns that correspond to maladies known to have genetic roots. Driving down the cost -- the central mission of Complete Genomics' technology and business model -- has been critical to performing large studies.
BGI works in the same field, and hopes that the acquisition -- which it plans to perform through a U.S. subsidiary -- will allow Complete Genomics to continue its mission.