Illumina's $1.2 billion takeover torpedoed

Sequencing giant Illumina’s $1.2 billion takeover of its rival has been officially abandoned. Illumina said yesterday it will pay Menlo Park-based Pacific Biosciences a termination fee of $98 million.

Illumina faced substantial blowback from regulators ever since the merger was announced back in November 2018. The Federal Trade Commission moved to block the deal last month.

“When a monopolist buys a potential rival, it can harm competition,” the FTC said in a Dec. 17 statement. “These deals help monopolists maintain power. That’s why we’re challenging this acquisition.”