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PENDING ACQUISITION | 6 Months Ended
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Jun. 29, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
PENDING ACQUISITION |
2. PENDING ACQUISITION
On June 22, 2025, we entered into a Stock Purchase Agreement (the Purchase Agreement) with Standard BioTools to acquire SomaLogic and other specified assets for $350 million in cash, subject to customary adjustments. The Purchase Agreement further provides for, in connection with the revenues generated from certain products and services, (i) royalty streams and (ii) up to $75 million in potential milestone payments to Standard BioTools. The transaction, which is expected to close in the first half of 2026, is subject to customary closing conditions, including the receipt of required regulatory approvals. The Purchase Agreement contains certain termination rights if the consummation of the acquisition does not occur on or before March 23, 2026, subject to three automatic three-month extensions related to obtaining required regulatory approvals. Upon termination of the Purchase Agreement under specified circumstances relating to the failure to obtain regulatory approvals, we would be required to pay Standard BioTools a termination fee of $14.5 million. The purchase agreement also contemplates that, immediately prior to or at the close of the transaction, Illumina and Standard BioTools will enter into several ancillary agreements, including (i) a transition services agreement, pursuant to which Standard BioTools will provide certain transition services for a period following the closing and (ii) a license agreement, pursuant to which we will grant to Standard BioTools a non-transferable, non-sublicensable license to certain intellectual property owned by us.

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