Mayo Clinic Joins as Initial Partner and Makes Strategic Investment
LabCorp to be Initial Strategic Partner in Development of Consumer Applications
SAN FRANCISCO--(BUSINESS WIRE)--Aug. 18, 2015-- Illumina, Inc. (NASDAQ: ILMN), Warburg Pincus and Sutter Hill Ventures announced today that they have formed a company to empower consumers to discover insights into their own genomes through a vibrant ecosystem of high-quality content partners. The company, called Helix, is based in the San Francisco Bay Area and received financing commitments in excess of $100 million. Jay Flatley, CEO of Illumina, will serve as Chairman of the Board.
Helix will enable individuals to acquire an unprecedented amount of genetic information by providing affordable sequencing and database services for consumer samples brought through third party partners, driving the creation of an ecosystem of consumer applications. After being sequenced, individuals will be able to manage their data and explore an open marketplace of on-demand applications, provided by Helix’s partners, to gain additional insights into the genomic data that has already been acquired. By converting genetic information to digital data stored in the cloud, Helix enables its partners to develop and deliver premium genomic products to consumers without the burden of developing their own assay, laboratory, or database infrastructure.
“Genomics is reaching an inflection point in cost, volumes, and knowledge, creating a significant opportunity to unlock information that is currently not widely accessible to individuals,” said Flatley. “Helix and its founding investors are committed to creating a neutral platform at the highest quality standard that will work with partners to accelerate consumer adoption of genomics.”
Helix also announced two collaborations today with major partners. First, the Center for Individualized Medicine at Mayo Clinic is collaborating with Helix to develop applications initially focused on consumer education and health-related queries. As part of the collaboration, Mayo Clinic also made a strategic investment in Helix. Second, Laboratory Corporation of America® Holdings (LabCorp®) (NYSE:LH) will develop and offer innovative analysis and interpretation services, initially focused on medically actionable genetic conditions, to consumers through Helix’s platform. Helix expects that other partners will develop applications focused on areas such as genealogy, fitness or wellness, and inherited traits to enable insights related to an individual’s genetics.
“We are thrilled to partner with Illumina to transform how consumers interact with their own DNA,” said Noah Knauf, Managing Director, Healthcare at Warburg Pincus. “We believe that the digitization of the genome will unleash entrepreneurs and developers to create new applications for consumers in a way never before possible.”
To support its partners, Helix will establish one of the world’s largest next-generation sequencing labs and a secure and protected database, all designed in accordance with CLIA, CAP, and HIPAA guidelines. Individuals will be able to control how their data is accessed through a robust and granular consent process. The company will also ensure that information is communicated to consumers in a responsible and ethical way. More information will be available at www.helix.com.
Illumina expects to consolidate the entity in the company’s financial statements. The pro-rata impact of this deal was contemplated in the 2015 financial guidance provided by Illumina on July 21, 2015. In 2016, Helix is expected to be approximately $0.10 dilutive to Illumina’s non-GAAP earnings per share guidance. The impact on 2016 GAAP earnings per share cannot be determined at this time due to the on-going analysis of accounting measurements. Illumina will provide a reconciliation of the non-GAAP and GAAP earnings per share impact of Helix when it is available.
Based in the San Francisco Bay Area, Helix will empower consumers to discover insights into their own genomes through a vibrant ecosystem of high-quality content partners. To learn more about Helix, visit www.helix.com.
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 contains forward-looking statements that involve risks and uncertainties, such as Illumina’s expectations regarding financial statement consolidation and earnings-per-share dilution. Important factors that could cause actual results to differ materially from those in forward-looking statements include the application of generally accepted accounting principles, which are highly complex and involve many subjective assumptions, estimates, and judgments, and the other factors detailed in Illumina’s filings with the Securities and Exchange Commission, including its 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. Illumina assumes no obligation to update any forward-looking statements after the date of this release.
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $35 billion in assets under management. The firm’s active portfolio of more than 120 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 14 private equity funds, which have invested more than $50 billion in over 720 companies in more than 35 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo and Shanghai. For more information please visit www.warburgpincus.com.
About Sutter Hill Ventures
Sutter Hill has been financing and building successful technology companies since 1962. Our approach centers on great people, hard technology, big markets, and long–term capital.
About Mayo Clinic
Mayo Clinic is a nonprofit organization committed to medical research and education, and providing expert, whole-person care to everyone who needs healing. For more information, visit http://www.mayoclinic.org/about-mayo-clinic and http://newsnetwork.mayoclinic.org/.
Laboratory Corporation of America® Holdings, an S&P 500 company, is the world’s leading healthcare diagnostics company, providing comprehensive clinical laboratory services through LabCorp Diagnostics, and end-to-end drug development support through Covance Drug Development. LabCorp is a pioneer in commercializing new diagnostic technologies and is improving people’s health by delivering the combination of world-class diagnostics, drug development and knowledge services. With combined revenue pro forma for the acquisition of Covance in excess of $8.5 billion in 2014 and more than 48,000 employees in over 60 countries, LabCorp offers innovative solutions to healthcare stakeholders. LabCorp clients include physicians, patients and consumers, biopharmaceutical companies, government agencies, managed care organizations, hospitals, and clinical labs. To learn more about Covance Drug Development, visit www.covance.com. To learn more about LabCorp and LabCorp Diagnostics, visit www.labcorp.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150818005342/en/
Source: Illumina, Inc.
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