UK - Amadeus portfolio company agrees $600m merger

Solexa Inc, an Amadeus portfolio company formerly headquartered in Cambridge but now primarily based in California, has entered into a definitive merger agreement with Illumina Inc. Illumina will acquire all Solexa shares in a stock-for-stock transaction with Solexa shareholders receiving shares of Illumina stock valued at $14 per Solexa share, representing a total equity consideration of approximately $600m. Prior to the deal, Amadeus was Solexa's largest single shareholder with a 12.5% stake. It led a $14.4m funding package for the company in 2004, having previously invested in a £12m round alongside Abingworth Management, Oxford Bioscience Partners and Schroder Ventures Life Science in 2001.