Covington Guides Illumina In $350M Buy Of Verinata

Law360, New York (January 7, 2013, 2:10 PM EST) -- California-based Illumina Inc. has agreed to pick up chromosome testing company Verinata Health Inc. for at least $350 million to grow its intellectual property portfolio for noninvasive prenatal testing, Illumina announced Monday.

Per a definitive agreement, Illumina has agreed to pay the purchase price with cash on hand, plus inject up to another $100 million in potential milestone payments through 2015, according to an investor document. Verinata expects to continue operating out of its Redwood City, Calif., facilities and a full integration plan for the two...
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