Completing genomics

Neither Complete Genomics Inc. (NASDAQ:GNOM) nor its investors are talking about the bargain-basement takeout by Chinese genomics company BGI, but what is clear is the sale was preferable to raising more cash at what would likely have been more unfavorable terms.

Last week, BGI announced plans to acquire Complete Genomics for $3.15 per share, or $117.6 million in cash. The price is a 54% premium to Complete Genomics' June 4 close of $2.04 - the day before the U.S. genomics company announced it was evaluating strategic alternatives - but is well below the $232.3 million valuation fetched at its 2010 IPO...