Skip to main content

Market Overview

Illumina Announces $100 Million Investment In Venture Fund To 'Improve Human Health By Unlocking The Power Of The Genome'

Share:
Illumina Announces $100 Million Investment In Venture Fund To 'Improve Human Health By Unlocking The Power Of The Genome'

Illumina, Inc. (NASDAQ: ILMN) announced after Thursday's market close that it has committed $100 million into a new venture capital firm.

Illumina's new fund, named Illumina Ventures, was established by Nicholas Naclerio, the company's former senior vice president of corporate and venture development. The independently managed firm will seek out investments in early stage companies that are "pioneering new applications of nucleic acid sequencing."

Illumina added that the fund's objective aligns with its own corporate culture, which is to "improve human health by unlocking the power of the genome."

Related Link: Bio Blast Gains 9%, Company Will Present Final Phase 2 Trial Data

Illumina will be the majority limited partner in the first fund with a commitment of $100 million, which will be callable by the fund over 10 years.

"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's stock showed no trades early Friday morning.

Image Credit: Public Domain

 

Related Articles (ILMN)

View Comments and Join the Discussion!

Posted-In: genome illuminaBiotech News Health Care Financing Trading Ideas General Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com