Last month, Illumina Inc (NASDAQ:ILMN) had to let go of Grail Inc. Still, the DNA sequencing company has acquired Fluent BioSciences to expand its reach in single-cell analysis and multiomics research.
Launched in 2018, Fluent was backed by Illumina's venture capital arm. Other investors include Samsara Biocapital, Civilization Ventures, Co-win Ventures and VC23.
While the financial details were not disclosed, the company said the deal was closed and funded with cash it had on hand.
At the close of the first quarter, the company held $1.115 billion in cash, cash equivalents and short-term investments.
Fluent's single-cell analysis technology eliminates the need for complex, expensive instrumentation and microfluidic consumables.
Related: Gene Sequencing Firm Illumina Escapes Carl Icahn's Second Proxy Battle Amid Grail Divestment Efforts.
Fluent's latest release, PIPseq V, enables the detection of cell types often missed with current methods and the highest scalability, capable of processing a range from 100 cells up to 1 million.
The Fluent team will join Illumina, and PIPseq V will be integrated into Illumina's product portfolio. The company plans to build on Fluent's technology to develop full end-to-end solutions for single-cell analysis.
"The addition of Fluent BioSciences to Illumina will provide significant and new capabilities to our customers in a key growth area and advances our multiomics growth strategy," said Steven Barnard, chief technology officer of Illumina. "Single-cell research opens doors to new areas of discovery, and Fluent's innovative, accessible, and flexible single-cell method will accelerate our ability to deliver full multiomics solutions for our customers."
Analyst Reaction:
- Citigroup upgrades Illumina from Neutral to Buy, with a price target of $140.
- Stephens reiterates Illumina with an Overweight and maintains a price target of $170.
Price Action: ILMN shares are up 5.68% at $112.73 at last check Wednesday.
Photo via Shutterstock
- Once Valued At Around $7B, Cancer Blood Test Developer Grail To Kickstart Trading On NASDAQ.