Pacific Biosciences surges on $1.2 billion takeover offer from DNA sequencing company Illumina

• DNA sequencing company Illumina announced in a press release that it was acquiring Pacific Biosciences for approximately $1.2 billion. Illumina expects to close the transaction in mid-2019.
• Illumina offered $8 a share for Pacific Biosciences. Pacific Biosciences shares jumped 67% in late trading to $7.51
• Pacific Biosciences is a company that also specializes in gene sequencing. Pacific Biosciences CEO Michael Hunkapiller said in the press release that the two companies have complementary technology capabilities for analyzing genes, and when combined, will open "new frontiers of genomic utility."

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