Illumina makes $300m stock move: genetic analysis
company Illumina Inc. said it will offer 3.5 million shares of its stock
to the public for $87.50 a share.
by Chambes, Heather
Illumina Makes $300M Stock Move: Genetic analysis company Illumina
Inc. said it will offer 3.5 million shares of its stock to the public
for $87.50 a share. Illumina estimated that the offering would provide
the company with $300 million.
The company's prospectus says it will use the cash to increase
research and development, manufacturing capacity and perhaps assist it
with an acquisition. It recently added an 85,000-square-foot facility to
its San Diego campus to grow operations.
Illumina also announced plans July 22 to buy privately held
Avantome Inc. of San Francisco for $60 million, including milestones, in
an effort to secure its position as a leader of genetic sequencing
technologies.
Shares of San Diego-based Illumina have hit 52-week highs in recent
weeks.
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