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Pacific Biosciences of California, a maker of DNA sequencing equipment that has seen its stock rise dramatically in recent years, said Tuesday that it will purchase Omniome, a smaller rival, for up to $800 million.

PacBio, as the firm is known, will offer $600 million, half in cash and half in stock, up front. It will pay another $200 million when and if  machines based on Omniome’s technology first ship to customers. In order to finance the deal, PacBio is selling $300 million in a private placement to existing investors.

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