BGI-Shenzhen (华大基因) 全球佈局基因檢測: 并购Complete Genomics 槓上Illumina !!

BGI Extends Offer for Complete Genomics as Illumina Continues Pursuit

November 21, 2012 NEW YORK (GenomeWeb News) – BGI-Shenzhen today said that it has extended its offer to acquire Complete Genomics for around $118 million until midnight New York City time on Dec. 14. BGI's tender offer to acquire all of the shares of Complete Genomics was previously scheduled to expire today. As of the close of business last night approximately 15.4 million shares of Complete Genomics' common stock, or 44 percent of its outstanding shares, were tendered and not withdrawn. The extension of the offer last night coincided with a letter Illumina sent to Complete Genomics' board of directors urging them to reconsider Illumina's offer to acquire the firm for around $123 million. Earlier this week Illumina confirmed that it had made an unsolicited offer of $3.30 per share to acquire Complete Genomics. That offer is 5 percent higher than the price agreed between BGI and Complete Genomics. Complete Genomics turned down Illumina's offer saying that it would likely be turned down by regulators and didn't constitute a superior offer. In the letter sent to Complete Genomics' board yesterday Illumina President and CEO Jay Flatley said that he was disappointed that Illumina's offer had been turned down and that he believes Complete Genomics' shareholders would agree that the Illumina's offer is superior to that of BGI."With respect to antitrust approvals, we are confident that our proposed transaction would be approved, and raises fewer regulatory concerns than the proposed BGI transaction," Flatley wrote. "In light of that, we cannot comprehend how your board of directors could rationally come to the conclusion that our proposal is not superior to BGI's proposal, or how the rejection of our proposal without discussion could satisfy your board's obligation to the shareholders of Complete Genomics."Flatley further pointed out that US regulatory clearance of the deal with BGI has not yet been obtained and pointed to concerns the Committee on Foreign Investment in the United States may have regarding Complete Genomics being acquired by a foreign state-owned entity."As you may be aware CFIUS reviews of transactions involving state-owned entities have been problematic, and several transactions have been abandoned rather than be subjected to a Presidential order to unwind the transaction," said Flatley. He further questioned Complete Genomics' assertion that BGI would be better positioned to proliferate its sequencing technology in the marketplace, saying that this suggestion "reflects a lack of understanding of Illumina's intentions and the competitive market dynamics." Flatley added that the combination of the firm's technologies would result in "higher quality, more innovative products available at lower costs to consumers."Flatley said that Illumina is prepared to enter into an agreement on substantially the same terms as that of the deal Complete Genomics signed with BGI, including the bridge financing. Such financing would be necessary given Complete Genomics' recent admission that without a cash infusion it would not have sufficient cash and cash equivalents to operate beyond Jan. 31, 2013.

华大并购CG 并购只是万里长征第一步 发布时间：2012-11-20 来源：药品资讯网信息中心人力并购公司，主要是获得企业的核心资产，人力资本尤其是高级技术人才，是公司最宝贵的财富。收购国外公司，一定会有中西方文化的差异和冲突。要避免收购后高端技术人才流失，保持原有的企业文化，这对华大基因在美国的声誉形象以及后续发展至关重要。管理尽管有好的技术和人才，但CG在商业运营上和商业模式上过于乐观，犯过错误。并购后，在管理层面不能完全放任自流，需要选派优秀的本地化人才充实领导层，建立董事会指导下的经营管理体系，最大限度地利用华大基因在基因测序方面的人力、规模、成本和经验优势。整合重组整合是任何并购企业必须经过的一步，涉及许多层面，要实现并购后"1+1>2"的协同效应，需要从技术开发、商业服务、资金调度、市场营销、人力资源做好相应的重组和分工。重复的部门要砍去，国内外各自的优势要发挥，资金安排调度要更合理，研究合作要规范化，避免重复和浪费，更重要的是尊重国外的法律和制度，应地制宜地设置适合中西方企业文化差异的管理制度和激励体系。研发创新研发实力是企业核心竞争力所在，并购CG公司之后，如何加快新一代测序仪的研制和市场推广，将是CG公司易帜后的重要考核指标，基因测序、生物标记物与疾病的关系，这类研究也十分重要，这对全基因组测序在临床应用领域的开拓有决定性意义。CG在临床应用已有很好尝试，华大基因在国内已建立临床诊断研发中心，两边的资源和平台要充分利用。专利就在CG上市前，2010年8月，Illumina发难起诉CG涉嫌专利侵权，投资者也许认为这是商界的惯例，不值得大惊小怪。但有观点认为，这一专利纠纷不是小事，事关CG公司未来的前途。2012年2月，主审法官在定义侵权案的专利权利条款中，发表了对原告有利的指导性意见，被外界视为侵权官司的天平开始偏向Illumina。该专利官司将在2013年5月见分晓。从Illumina手握13亿美元现金，拒绝罗氏67亿美元收购，以及行业领导地位和保护自己专利的凶悍度来看，华大都不可掉以轻心。华大基因需要有很好的律师团队和抗诉对策，必须拼全力打赢专利官司，至少不能全盘皆输。如果专利官司有赢有输，会有一定的空间赢得交叉许可的机会。而如果主要官司一败再败，华大就会非常被动，失去收购CG的价值和意义。美国Genetic Institute就是因为打输了关键产品的核心专利，付出巨额赔款，从而失去了独立发展做大的机遇。临床CG的定位只做人体基因组测序，这与临床研究和应用有很大关联度。而中国有非常丰富的临床资源和疾病相关的生物信息，尽管中国要实现个性化基因测序服务普及化还为时过早，但中国在基因测序和疾病关联度生物标记研究方面有很好的话语权和研究实力。华大基因已有很好的布局，国家也开始建立国家人类基因库，蛋白质检测工程项目也在顺利推进，未来这方面的研究开发，中美科学家应该密切合作与交流，使人类基因组研究能在中国与时俱进，才能更早产生成果和效益。财务由于选择非常大胆的商业模式，CG目前的现金流有问题，华大基因提供3000万过桥贷款，加上CG公司自有资金，目前只能维持6～9个月的运行。或许可以部分转移华大基因的人体基因测序任务给CG，利用华大基因强大的政府、学术和医疗机构的渠道，帮助CG招来更多测序业务，并在适当时候引入战略投资者，提高CG的抗风险能力。