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Roche has announced that it is proposing to acquire all outstanding shares of Illumina, Inc. (NASDAQ:ILMN) for $44.50 per share in cash, or an aggregate of approximately $5.7 billion on a fully diluted basis. This offer represents a 64% premium over Illumina’s stock price on December 21, 2011 – the day before market rumors about a potential transaction between Roche and Illumina drove Illumina`s stock price significantly higher – a 61% premium over the one-month historical average and a 43% premium over the three-month historical average of Illumina`s share price, both as of December 21. It also represents a 30.1x multiple of Illumina`s projected forward earnings based upon analysts` current consensus estimates for 2012.

Severin Schwan, CEO of Roche Group, said, `Roche’s all-cash offer of $44.50 per share represents full and fair value for Illumina and we expect that Illumina`s shareholders will welcome the opportunity to sell their shares at a significant premium to current market prices. It is our strong preference to enter into a negotiated transaction with Illumina, and we remain willing to engage in a constructive dialogue with Illumina to jointly develop an optimal strategy for maximizing the value of our combined business.`

• Roche Press Release