Genomic Sequencing Firm Acquired by Chinese Company

24/7 Wall St.

The United States has seen its share of tension and protests over Chinese efforts to make acquisitions in North America, but usually this is over oil and gas assets. So what is there to say about a genomics sequencing company being acquired by the Chinese? Complete Genomics Inc. (NASDAQ: GNOM) is being acquired by BGI-Shenzhen in a move that will combine whole human genomic sequencing with a Chinese gene sequencing company based in Shenzhen, China.

Complete Genomics issued a press release showing that the company has now entered into a definitive merger agreement with BGI-Shenzhen where all outstanding shares of Complete’s common stock will be acquired for $3.15 per share. The deal is an all-cash buyout and represents approximately a 54% premium to the $2.04 closing price per of Complete’s stock back on June 4, 2012 from when it announced that it was going to evaluate strategic alternatives…

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