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Genomic Tools Stocks Rise on Roche Bid for Illumina

NEW YORK (GenomeWeb News) – The stocks of many players in the genomics tools field rose yesterday following Roche's $5.7 billion hostile takeover bid for Illumina.

Analysts who cover the industry said yesterday that they expected the shares of other sequencing players to rise, and for the most part they did. Life Technologies climbed 4 percent to close at $49.09, Complete Genomics jumped 20 percent to $2.99, and Pacific Biosciences increased 16 percent to $4.59.

Shares of Illumina closed up 46 percent at $55.15, well above the $44.50 per share offered by Roche. But many industry observers believe Roche will have to significantly increase its offer to have a chance of getting a deal done.

"Given that the stock was trading in the $70s a few months ago and our DCF analysis indicates that the intrinsic value of Illumina shares could be as a high as $71, we believe the Roche bid will need to increase to gain shareholder support," William Blair analyst Amanda Blair said in a research note yesterday.

Some analysts also have suggested other big life science players, such as GE or Siemens, could also be interested.

Among other players in the genomics tools space, Qiagen closed up 7 percent at $16.76 and Fluidigm rose 7 percent to close at $14.86.

Several molecular diagnostics firms also saw a bump on Wednesday with Cepheid rising 5 percent, Gen-Probe up 5 percent, and Nanosphere closing up 7 percent.

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