Arming itself for a looming showdown with Illumina over the booming market for second-generation gene sequencing technologies, Life Technologies struck a deal to buy Ion Torrent for $375 million in cash and stock with $350 million more on the line based on a series of milestones.
The deal gives Life Technologies a shot at introducing a gene sequencing device later this year that will be sold for less than $100,000, according to the San Diego Union-Tribune. A variety of companies have been angling for the fast track in the race to market new, faster and far cheaper sequencing technologies.
"We believe Ion Torrent's technology will represent a profound change for the life sciences industry," said Gregory Lucier, chairman and chief executive of Life Technologies. "This technology will usher in a new era in science, one in which DNA sequencing can be done easier, faster and more cost effectively than ever before."
- here's the Life Technologies release
- check out the San Diego Union-Tribune story