Illumina, a leading provider of genetic sequencing technologies, has announced the acquisition of Oxford Nanopore Technologies, a UK-based biotech firm, for $1.2 billion.
Expanding Illumina's Portfolio
The acquisition marks a significant expansion of Illumina's portfolio of genetic sequencing technologies, which will enable the company to offer a broader range of products and services to its customers.
The acquisition is expected to increase Illumina's revenue by 15% in the next fiscal year, driven by the growing demand for genetic sequencing technologies.
The acquisition of Oxford Nanopore Technologies is a strategic move for Illumina, and we believe it will enable us to drive innovation and growth in the genetic sequencing market, said Dr. Francis deSouza, CEO of Illumina.