Web contributor Date: Monday, December 31, 2012, 4:52 am PST
Photo: Vicki Thompson
Complete Genomics, founded by current CEO Clifford Reid (pictured) in 2005, got national security clearance to sell to Chinese company BGI-Shenzhen.
Photo: Vicki Thompson
Complete Genomics, founded by current CEO Clifford Reid (pictured) in 2005, got national security clearance to sell to Chinese company BGI-Shenzhen.
The $117 million sale of Complete Genomics to Chinese company BGI-Shenzhen has gotten approval from the federal Committee on Foreign Investment in the United States and now just needs antitrust clearance to be able to close.
According to the New York Times, the committee reviews "national security implications of foreign takeovers of American companies," and the sale is controversial because some consider it a "threat to American competitiveness in DNA sequencing."
The deal was announced in September and values the company at $3.15 per share. It will keep Complete Genomics operations in Mountain View, where it will continue to operate as a separate company.
According to the New York Times, the committee reviews "national security implications of foreign takeovers of American companies," and the sale is controversial because some consider it a "threat to American competitiveness in DNA sequencing."
The deal was announced in September and values the company at $3.15 per share. It will keep Complete Genomics operations in Mountain View, where it will continue to operate as a separate company.
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