Netflix can sustain its lofty valuation only if global subscriber growth can support increasing content spending and debt.Technologyread more
China has other "weapons" in its trade battle with the United States — and selling off its U.S. Treasury holdings will not be one of them, said Richard McGregor, senior fellow...China Economyread more
Deutsche Bank Wealth Management's global chief investment officer predicted the Federal Reserve will cut interest rates twice in the next 12 months, but chances of a four-time...US Economyread more
Barr and Ross had defied Democrats' subpoenas for information about the Trump administration's efforts to add a citizenship question to the 2020 census.Politicsread more
IBM's year-over-year revenue has now declined for four quarters in a row. Impact from Red Hat is not yet factored into the company's guidance.Technologyread more
Germany online bank N26 said it raised a huge $170 million in additional funding, valuing the six-year-old fintech start-up at $3.5 billion.Technologyread more
The House voted to table a resolution to start impeachment proceedings against President Donald Trump introduced by Rep. Al Green.Politicsread more
A photo editing app has introduced a few new wrinkles to the faces of celebrities — and to the ongoing discussion around personal digital security, NBC reports.Technologyread more
Property price gains across the wider U.K. have been slowing since 2016, according to the U.K.'s Office for National Statistics.Real Estateread more
The International Monetary Fund on Wednesday said that the U.S. dollar was overvalued by 6% to 12%, based on near-term economic fundamentals, while the euro, Japan's yen and...World Economyread more
The company blamed its Q2 content slate and price increases for the subscriber miss.Technologyread more
That's the largest ever deal that Illumina has made in more than 20 years, according to Forbes.
The move puts Illumina in a position to continue to dominate the DNA-sequencing space, where it faces few competitors. Anyone who's used Ancestry, 23andMe, Color Genomics, or any DNA-testing services has probably been sequenced on machines made by the $45 billion biotech company.
Illumina is best known for being a key player in driving down the cost of genome sequencing from $100 million in 2001 to less than $1,000 today. That progress far outpaces Moore's Law, a long-standing theory that computing power available for the same price doubles about every 18 months to two years.
Experts say that "Pac Bio", as it's often called in the industry, fills a gap in Illumina's current technology stack.
"Illumina has a dominant position in the business that's the next best thing to a monopoly, but it's all based on short-read technology and being price-competitive," said Preston Estep, a biologist and chief science officer from Veritas Genetics, a biotech start-up.
"But as we move into whole genome sequencing, there are a few things that are hard to do with Illumina's technology."
Pac Bio also develops technology that sequences DNA, but it takes a different approach. Its sequencers look at much longer strands of DNA, known as "long reads," which are useful for things like determining whether both copies of a gene are broken, or just one in two different places — and that's critical to our understanding of disease.
In contrast, Illumina's "short read" technology reads small fragments of DNA and then puts them together in the right order.
"Illumina needs a technology like Pac Bio to increase their capabilities and stay dominant," Estep explained. Estep believes he combination will appeal to customers in the research field, where Illumina has focused its efforts historically, as well as the clinical or medical space, which is key to Illumina's future.
As one observer joked:
Illumina had previously made an investment in a UK-based company called Oxford Nanopore, which also uses long-read technologies to sequence DNA. The two companies ended up in court in a patent tussle.
An Illumina spokesperson could not immediately be reached for comment. In a statement, the company's CEO said the combination of the two technologies "positions us to reach more applications, accelerate the pace of genomic discovery and bolster our innovation engine."
"Through this combination, thousands of researchers will now have direct access to this technology," Michael Hunkapiller, CEO of Pac Bio, explained in a statement.
The deal is expected to close in mid-2019.