Jan 7 U.S. genetic sequencing company Illumina
Inc said it has agreed to buy Verinata Health Inc for
$350 million plus up to $100 million in milestone payments
through 2015 to expand its footprint in prenatal testing
Verinata Health is a provider of non-invasive tests for the
early identification of fetal chromosomal abnormalities.
The deal is expected to dilute Illumina's non-GAAP earnings
per share by 20 cents in 2013 before turning accretive beginning
in 2014 and beyond.
Illumina said the transaction will be financed primarily
with cash on hand.
The Verinata deal follows after smaller peer Complete
Genomics Inc rejected Illumina's takeover bid of about
$114 million in November.
Bank of America Merrill Lynch acted as financial advisor to
Illumina and Covington & Burling LLP acted as legal counsel.