U.S. committee clears Complete Genomics, BGI deal

Complete Genomics Inc. (NASDAQ:GNOM) and BGI (Shenzhen, China) said the Committee on Foreign Investment in the United States cleared BGI's proposed acquisition of Complete Genomics. Separately, BGI extended to Jan. 7 its tender offer to acquire the whole genome sequencing company for $3.15 per share in cash, or about $117.6 million. At Dec. 28, about 50% of Complete Genomics' outstanding shares had been tendered. The deal is still subject to clearance from the Federal Trade Commission. The companies expect the deal to close this quarter.

Last month, Complete Genomics Chairman, President and CEO Clifford Reid said the deal "raises no national security concerns" in a memo to Complete Genomics employees. Reid's memo sought to address claims by fellow sequencing company Illumina Inc. (NASDAQ:ILMN) that the BGI/Complete Genomics deal raised national security issues. In November, Complete Genomics' board rejected an unsolicited bid from Illumina to acquire Complete Genomics for $3.30 per share in cash, or about $136.4 million. Illumina could not be reached for comment (see BioCentury Extra, Dec. 14, 2012). ...