LabCorp will purchase the Genetics segment in its entirety, including all testing services, technology, intellectual property rights, and its nine testing laboratories and offer employment to all of its 1,900 employees.
Details about the "approach, which may or may not lead to an offer for the company," will be provided "in due course," Silence said. The news comes as an more and more drug makers are opting to acquire RNAi shops with technologies of interest rather than collaborating with them.
The company said that Ion Torrent's benchtop Personal Genome Machine, which is scheduled for commercial release later this year, is "highly complementary" to its capillary electrophoresis and SOLiD sequencing platforms and is "optimal for mid-scale sequencing projects, such as targeted and microbial sequencing."
Life Technologies gains access to Ion Torrent's sequencing platform, which is currently in the hands of early-access customers and will be launched later this year at an entry cost of less than $100,000. It noted that the total acquisition price could rise to $725 million if milestones are met.