Illumina Announces the Completion of Its Acquisition of Solexa

SAN DIEGO--(BUSINESS WIRE)--Jan 26, 2007 - Illumina, Inc. (NASDAQ: ILMN) announced today that it completed its acquisition of Solexa, Inc. in a stock-for-stock merger. Earlier today in special meetings of stockholders, Solexa stockholders approved the merger agreement Illumina and Solexa entered into on November 12, 2006, and Illumina stockholders approved the issuance of shares of Illumina common stock for the acquisition of Solexa. Under the terms of the merger agreement, Solexa stockholders will receive 0.344 of a share of Illumina common stock for each share of Solexa common stock.

"We are excited to join the two companies, creating the only company with genome-scale technology for genotyping, gene expression, and sequencing, the three cornerstones of modern genetic analysis," said Jay Flatley, President and Chief Executive Officer of Illumina. "With Solexa's recent technical achievements we look forward to the rapid commercialization of our next-generation sequencing platform."

In connection with the merger, the size of Illumina's board of directors was increased from eight to ten members. The two newly appointed members are Blaine Bowman and Roy A. Whitfield both of whom were members of Solexa's board of directors.

Illumina will report its financial results for the fourth quarter and fiscal year 2006 on February 1, 2007. Additionally, management will host a conference call to discuss its financial results as well as to provide guidance for 2007 for the combined companies.

Conference Call Details

The conference call will begin at 5:00 p.m. EST on February 1, 2007. Interested parties may listen to the call by dialing 888-770-7120 (passcode: 52458765) or if outside North America, by dialing +1 (617) 213-8065 (passcode: 52458765). Individuals may access the live webcast under the "Investors" tabs of Illumina's website at www.illumina.com

Forward-Looking Statements

This release contains forward-looking statements that involve risks and uncertainties. Illumina cautions readers that any forward-looking information is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking information. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue" and similar expressions are intended to identify such forward-looking statements. Such forward looking statements include, but are not limited to, statements about the benefits of the transaction between Illumina and Solexa, including future financial and operating results, the combined company's plans, objectives, expectations and intentions and other statements that are not historical facts.

Among the important factors that could cause actual results to differ materially from those in any forward-looking statements are the risk that the combined businesses will not be integrated successfully; the risk that the anticipated synergies and benefits from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; competition and its effect on pricing, spending, third-party relationships and revenues. Additional important factors that may affect future results are detailed in Illumina's filings with the Securities and Exchange Commission (the "SEC"), including its recent filings on Forms 10-K and 10-Q, or in information disclosed in public conference calls, the date and time of which are released beforehand. Illumina disclaims any intent or obligation to update these forward-looking statements beyond the date of this release.

Contact

Illumina, Inc.
Jay T. Flatley
President & Chief Executive Officer
858-202-4567
jflatley@illumina.com
or
Christian O. Henry
Vice President & Chief Financial Officer
858-202-4508
chenry@illumina.com
or
Maurissa Bornstein
Public Relations Manager
858-332-4055
mbornstein@illumina.com

Posted: January 2007


View comments

Hide
(web3)