On 13 November 2006, Solexa announced it was merging with Illumina.
The following was posted to the GDT::Biotech::Trekker on 13 November 2006.
Hayward, CA-based Solexa is being acquired by San Diego, CA-based Illumina. Solexa shareholders will receive Illumina shares based upon a $14 Solexa share price. SLXA closed on 10 November 2006 at $9.70. ILMN shares were at $44.05 at the time the $600 million transaction was announced."This exchange ratio will be determined by dividing $14 by the volume weighted average trading price of Illumina common stock as reported by Nasdaq during 10 randomly selected days during the 20-day trading period ending five trading days prior to closing. However, if the Illumina average price is equal to or greater than $47.30, then the exchange ratio will be fixed at 0.296, and if the Illumina average price is equal to or less than $40.70, then the exchange ratio will be fixed at 0.344."
According to the press release, the combined companies will create the "only company with genome-scale technology for genotyping, gene expression and sequencing, the three cornerstones of modern genetic analysis."
Edith Genegoo owns
300 SLXA sharesand she is looking forward to being an Illumina shareholder.
- Solexa Does DNA Sequencing [2 November 2006]
Illumina Inc. completed its acquisition of Solexa, Inc. in a stock-for-stock merger. "Solexa stockholders will receive
0.344 of a share of Illumina common stockfor each share of Solexa common stock." On 26 January 2007, ILMN closed at
Illumina Inc. announced it "plans to sell $325 million in convertible notes and use $200 million of the proceeds to buy stock in a private transaction." On 9 February 2007, ILMN closed at
Illumina increased the amount of their "convertible notes" from $325 million to $350 million.
Creator: Gerald D. Thurman
Created: 13 November 2006