Complete Genomics, the whole human genome sequencing powerhouse in Mountain View, California, is being acquired by the Chinese company BGI-Shenzhen. The acquisition could be read as a signal to the world that China is determined to be a major competitor in the future genome sequencing market. It also marks the end of a bumpy road for Complete Genomics, which, unfortunately for investors, fell far short of expectations.
For Complete Genomics, the merger couldn?t come soon enough.
Next generation sequencing continues to decrease the price of sequencing. But while this enables Complete Genomics to increase supply, they?re sorely missing a match in demand. With substantial drops in price ? in 2011 they charged $4,200 per genome, down from $12,000 in 2010 ? Complete Genomics? orders generate less revenue per genome. The drop in revenue, combined with an unstable customer base, the company?s stock prices dropped by half last summer, and it has continued to drop steadily since.
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