US-based biotechnology company Lasergen received $80m in funding on Monday from research and manufacturing company Agilent Technologies in return for a 48% stake.
Agilent has also secured an option to purchase the remaining shares in Lasergen for an additional $105m until March 2, 2018.
Founded in 2002, Lasergen is working on a next-generation sequencing platform named Lightning Terminators that it hopes will provide faster, more accurate and cheaper genome sequencing.
Lasergen and Agilent will work together to develop a workflow for clinical applications based on Lasergen’s platform. Agilent specialises in the R&D and production of laboratory equipment, software, services and consumables.
Agilent will also be represented on Lasergen’s board of directors, though the individual(s) have not been named.
Lasergen previously raised $5m in a 2011 series A round led by Aspen MedTech Ventures III that included LBS Technologies, San Luis Developments and assorted angel investors.
Mimi Healy, president and chief executive of Lasergen, said: “We are excited to collaborate with a known leader in diagnostics and genomics.
“Agilent’s experience of providing leading products, combined with our expertise in next-generation sequencing chemistry, will allow us to develop a comprehensive solution designed to meet the needs of the routine clinical next-generation sequencing market.”