Departure of Ion Torrent Founder Could Delay Life Tech (LIFE) Products (TMO)
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26 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 11 | New: 6
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On June 25, 2013, Life Technologies Corporation (Nasdaq: LIFE) announced the resignation by Dr. Jonathan Rothberg from his position as the chief executive officer of the Company's Ion Torrent business. He is leaving to pursue other opportunities.
As previously announced, Life created the Genetic & Medical Sciences organization, bringing together Ion Torrent, Genetic Analysis and Medical Sciences businesses under Ronnie Andrews's leadership.
Commenting, Goldman analyst Isaac Ro said, "Dr. Rothberg was the founder of Ion Technology and the key figure driving the business, in our view . . . Dr. Rothberg's departure does come at a time when key products are still deep in development. The upcoming Proton 2 (P2) chip is expected to be released mid-year and will be the first Ion chip capable of sequencing a whole human genome (at low coverage), an important milestone. In addition, timing and performance metrics around the important Avalanche sample prep technology are still unknown. While P2 and Avalanche may launch as planned, we see incremental risk that future Ion products will be delayed post Dr. Rothberg's departure. Additionally, while Ronnie Andrews is a well-respected executive in the clinical setting, we await evidence of a smooth transition to a more technological role."
In April it was learned that Thermo Fisher Scientific, Inc. (NYSE: TMO) and Life Technologies Corporation signed a definitive agreement under which Thermo Fisher will acquire Life Technologies for $76.00 in cash.
Goldman has a Neutral rating on Thermo Fisher Scientific and Life Technologies Corporation.
For an analyst ratings summary and ratings history on Thermo Fisher Scientific (NYSE: TMO) click here. For more ratings news on Thermo Fisher Scientific click here.
Shares of Thermo Fisher Scientific closed at $83.13 yesterday.
As previously announced, Life created the Genetic & Medical Sciences organization, bringing together Ion Torrent, Genetic Analysis and Medical Sciences businesses under Ronnie Andrews's leadership.
Commenting, Goldman analyst Isaac Ro said, "Dr. Rothberg was the founder of Ion Technology and the key figure driving the business, in our view . . . Dr. Rothberg's departure does come at a time when key products are still deep in development. The upcoming Proton 2 (P2) chip is expected to be released mid-year and will be the first Ion chip capable of sequencing a whole human genome (at low coverage), an important milestone. In addition, timing and performance metrics around the important Avalanche sample prep technology are still unknown. While P2 and Avalanche may launch as planned, we see incremental risk that future Ion products will be delayed post Dr. Rothberg's departure. Additionally, while Ronnie Andrews is a well-respected executive in the clinical setting, we await evidence of a smooth transition to a more technological role."
In April it was learned that Thermo Fisher Scientific, Inc. (NYSE: TMO) and Life Technologies Corporation signed a definitive agreement under which Thermo Fisher will acquire Life Technologies for $76.00 in cash.
Goldman has a Neutral rating on Thermo Fisher Scientific and Life Technologies Corporation.
For an analyst ratings summary and ratings history on Thermo Fisher Scientific (NYSE: TMO) click here. For more ratings news on Thermo Fisher Scientific click here.
Shares of Thermo Fisher Scientific closed at $83.13 yesterday.
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