Will commit $100M over 10 years
SAN DIEGO--(BUSINESS WIRE)--Apr. 14, 2016-- Illumina, Inc. (NASDAQ: ILMN) today announced that it has committed to invest $100M in a new venture capital firm that is strategically aligned with Illumina’s vision to improve human health by unlocking the power of the genome. Illumina Ventures was established by Nicholas Naclerio, Ph.D., Illumina’s former Senior Vice President, Corporate and Venture Development. The independently managed firm will pursue investments in early stage companies that are pioneering new applications of nucleic acid sequencing, developing products that will expand the genomics ecosystem, and utilizing genomics to improve human health.
“Under Nick’s leadership, internal venture investing has worked well for Illumina, providing strategic insight and connections to key technologies and channels in our industry,” said Jay Flatley, Chairman and Chief Executive Officer for Illumina. “Participating in an independent fund led by Nick that can leverage capital and know-how from other investors who share our strategic interests is an even more effective way for us to utilize Illumina’s capital to create incremental shareholder value.”
Illumina will be the majority limited partner in the first fund with a commitment of $100M, which will be callable by the fund over 10 years.
About Illumina, Inc.
Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as the global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture and other emerging segments. To learn more, visit www.illumina.com and follow @illumina.
This release may contain forward-looking statements that involve risks and uncertainties. Important factors that could cause actual results to differ materially from those in any forward-looking statements are detailed in our filings with the Securities and Exchange Commission, including our most recent filings on Forms 10-K and 10-Q, or in information disclosed in public conference calls, the date and time of which are released beforehand. We do not intend to update any forward-looking statements after the date of this release.
Source: Illumina, Inc.