Prime Minister and Finance Minister Lawrence Wong mentioned Illumina, the Nasdaq-listed biotechnology firm headquartered in San Diego, when delivering Budget 2025.
Founded in 1998, Illumina is a genetic testing company. It develops DNA sequencing and array-based life sciences technologies to enable research discovery. Illumina sells a number of DNA sequencing systems, also known as DNA sequencers.
The company’s first Singapore facility opened in 2008. According to the company’s website, it has a commercial office in Biopolis Way and a manufacturing facility in Woodlands Industrial Park.
"In partnership with local enterprises such as Venture Corporation and Sunningdale Tech, the facility manufactures the full range of Illumina’s products, such as the MiniSeq and MiSeq i100 genome sequencing machines, as well as the consumables that are needed to operate them," states MOF in a separate release providing more information on companies cited by Wong.
"These partnerships have helped Singapore’s local enterprises build new capabilities in innovation and expand into new industries," adds MOF.
Venture Corp is a leading Singapore Exchange -listed blue-chip manufacturer while Sunningdale Tech used to be listed here as well before it was privatised by a group of investors that included current SGX chairman Koh Boon Hwee.
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In response to The Edge Singapore’s queries, a spokesperson from Venture Corp says its partnership with Illumina has spanned “over a decade”. “Over this time, we have consistently driven breakthroughs in new sequencing products through leveraging our expertise in R&D and manufacturing innovation.”
The partnership with Illumina has helped Venture expand beyond its existing domains and accelerate its growth in the life sciences industry, the spokesperson adds. “In parallel, Venture has developed advanced technology modules for precision control applications under its subsidiary... These modules help shorten [the] product development lead time."
In China’s crosshairs
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Illumina’s shares began falling sharply in February after China placed it on an “unreliable entity” list alongside Calvin Klein owner PVH Corp, putting them at risk of sanctions.
Greater China accounted for about 8.5% of Illumina’s revenue in 2023, according to filings. China’s Ministry of Commerce said the two firms infringed the principles of market transactions and undertook damaging actions against Chinese companies.
Illumina’s shares have fallen some 26.4% over the past year to US$100.24 as at Feb 14. Nasdaq was shut on Feb 17 for Presidents Day.
After notching a 52-week high of US$156.66 in November 2024, Illumina shares are now near its 52-week low of US$97.27.
Follow the market’s reaction to Budget 2025 on The Edge Singapore.
