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Fly News Breaks for January 3, 2020
PACB, ILMN
Jan 3, 2020 | 06:38 EDT
UBS analyst Dan Brennan says the termination of the merger agreement between Illumina (ILMN) and Pacific Biosciences (PACB) "should not come as a surprise" after the U.K.'s CMA and the U.S. FTC filed to block the deal. While he was favorable on the potential transaction, Brennan tells investors in a research note that it was in no way core to his Buy thesis, which is predicated on Illumina's dominant position in sequencing and the expanding utility and revenue opportunity of sequencing as new markets increasingly ramp in 2020 and beyond.