Complete Genomics Acquisition Final

By Bio-IT World Staff

March 19, 2013 | BGI-Shenzhen has completed its acquisition of Complete Genomics through its wholly-owned subsidiary, Beta Acquisition Corporation.

BGI announced the completed acquisition late in the day on Monday, US Eastern time. The final cash tender offer to purchase all of Complete’s outstanding shares of common stock was for $3.15 per share, followed by a short-form merger effective March 18, 2013.
 
BGI plans to operate Complete as a separate wholly-owned subsidiary, the Chinese company said in its statement, and offer a broad array of genomic research technology across a variety of platforms. Dr. Clifford Reid will remain as CEO of Complete.
 
“We are delighted to now join forces with Complete,” said Wang Jun, CEO of BGI, in the press release. “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 biology technology, healthcare and other related fields.”
 
“Complete and BGI share a vision of how whole genome sequencing can revolutionize clinical medicine,” Dr. Reid said in the statement. “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.”