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ILLUMINA (ILMN)
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Illumina : and Telegraph Hill Partners Launch Verogen, Inc. to Drive Adoption of Next-Generation Sequencing in the Global Forensic Genomics Market

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08/24/2017 | 03:05pm CET

Independent new company will accelerate development of Illumina’s forensic genomics technologies to enable more insight than traditional methods

Illumina, Inc. (NASDAQ: ILMN) today announced plans with Telegraph Hill Partners (THP), a San Francisco-based venture capital and growth equity firm, to establish Verogen, Inc. The independent new company has certain exclusive rights to provide Illumina’s forensic sequencing technology to forensic customers, including for criminal casework and other human and nonhuman forensic applications. The creation of Verogen enables an unprecedented focus on accelerating growth of Illumina’s leading next-generation sequencing (NGS) technology in the forensic genomics market.

Illumina will continue to manufacture the MiSeq FGx™ Instrument and core sequencing consumables. During a short transition period, Illumina will provide products, sales and marketing, and service and support to forensic customers while forensic staff and infrastructure transition to the Verogen business. The companies, together in partnership, assure a smooth transition and experience for customers.

“Verogen will build on Illumina’s past efforts by focusing on innovation, development, and commercialization of forensic genomics products, built on a deep understanding of how to improve the science behind the use of genetic data in matters of justice,” said Dawn Barry, Vice President, New and Emerging Markets at Illumina. “The MiSeq FGx Forensic Genomics System continues to lead the transition to NGS, and we believe the best way to realize the full potential of this business is to create a company with a management team dedicated to using genomics to make a safer and more just world.”

The MiSeq FGx Forensic Genomics System has been deployed in operational crime laboratories, private service labs, and forensic research institutes worldwide. Significant gains toward the implementation of the system into routine forensic casework were made in 2016 and the earliest adopters are expected to go live this year.

“The power of genomics to serve the forensic market while improving justice and public safety, provides a strong case for the need to address remaining barriers to NGS adoption in crime laboratories as quickly as possible,” said Paul Grossman, Venture Partner, at THP. “We believe that Illumina’s market-leading NGS technology and our team of dedicated forensic experts, in combination with the growth capital and resources that THP provides, position Verogen and its customers for long-term success.”

Verogen is headquartered in the San Diego area. It will be the sole provider of the MiSeq FGx Forensic Genomics System, including the MiSeq FGx sequencer, ForenSeqTM DNA Signature Prep Kit, and the ForenSeq Universal Analysis Software, and has global commercial rights to these products. The Company is committed to the robust, reliable, and continuous sale and support of these products and of other Illumina products to forensic labs, as well as to participation within the global forensic community to operationalize NGS in routine forensic genomics.

Kirk Malloy has been named Chief Executive Officer of Verogen. Malloy was an executive at Illumina for 13 years, most recently as Senior Vice President for Applied Genomics until April 2016. Cydne Holt will serve as General Manager and Chief Scientific Officer of Verogen. Holt previously managed forensic genomics at Illumina.

“Forensic customers have unique requirements and I look forward to working with them to provide the best NGS solutions for their applications,” said Malloy. “We feel we can best serve this growing market by having a singular focus and forensic-specific functionality.”

About Verogen, Inc.

Verogen, Inc. is committed to public safety and justice for all. Headquartered in the San Diego area, it develops, manufactures, and sells forensic genomics products and services, including for next-generation sequencing. For more information, visit www.verogen.com.

About Illumina

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.

About Telegraph Hill Partners

Telegraph Hill Partners is a life science focused venture capital and growth equity firm founded in 2001 and based in San Francisco. To learn more, visit www.thpartners.net.

Illumina Forward-Looking Statements

This release contains forward-looking statements that involve risks and uncertainties, such as Illumina’s expectations regarding its financial outlook and guidance for fiscal 2017 and the launch of any products. Among the important factors that could cause actual results to differ materially from those in any forward-looking statements are (i) our ability to further develop and commercialize our instruments and consumables and to deploy new products, services, and applications, and expand the markets, for our technology platforms; (ii) our ability to manufacture robust instrumentation and consumables; (iii) our ability to successfully identify and integrate acquired technologies, products, or businesses; (iv) our expectations and beliefs regarding future conduct and growth of the business and the markets in which we operate; (v) challenges inherent in developing, manufacturing, and launching new products and services, including the timing of customer orders and impact on existing products and services; and (vi) the application of generally accepted accounting principles, which are highly complex and involve many subjective assumptions, estimates, and judgments, together with other factors 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 undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts’ expectations, or to provide interim reports or updates on the progress of the current quarter.


© Business Wire 2017
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Financials ($)
Sales 2017 2 708 M
EBIT 2017 652 M
Net income 2017 812 M
Finance 2017 818 M
Yield 2017 -
P/E ratio 2017 38,85
P/E ratio 2018 51,66
EV / Sales 2017 11,3x
EV / Sales 2018 9,82x
Capitalization 31 324 M
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Average target price 221 $
Spread / Average Target 3,0%
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NameTitle
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Mostafa Ronaghi Chief Technology Officer & Senior Vice President
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