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Life Technologies Closes Ion Torrent Acquisition

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Life Technologies said this week that is has completed its acquisition of Ion Torrent for $375 million in cash and stock, a deal first announced in August (IS 8/24/2010).

Contingent on the achievement of milestones, Life Tech may pay up to $350 million in additional considerations for the company.

Life Tech reiterated that it plans to launch the first product using the Ion Torrent technology — the Personal Genome Machine sequencer — before the end of the year.

It said the Ion Torrent sequencing system "is simpler, faster, less expensive, and more scalable than other sequencing technologies."

Ion Torrent first publicly presented its technology at a conference earlier this year (IS 3/2/2010). It sequences DNA by electronically measuring hydrogen ions that are released when a polymerase incorporates a nucleotide.

Last month, Life Tech CEO Greg Lucier said that the technology could also be used to analyze different types of single molecules, including DNA (IS 9/28/2010).