Pacific Biosciences of California (PACB) said Monday it closed the sale of select intellectual property and other assets to Illumina for $48.1 million in cash.

The assets were related to its short-read DNA sequencing technology and related clustering, sequencing reagent, and detection technologies, the company said.

Under the terms of the agreement, Illumina assumed certain liabilities and granted a non-exclusive license certain intellectual property back to Pacific Biosciences, the company said.

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