DNA sequencing company Illumina is purchasing Pacific Biosciences for $1.2 billion in an effort to corner the market in cutting-edge genetic research, Illumina CEO Francis deSousa announced in an interview with Forbes that published Thursday.

Why it matters: This is the largest deal Illumina has made in its history. The company had a $46 billion market capitalization ahead of the deal, and believes the acquisition could lead to more growth and market expansion resulting in what deSousa called "a more perfect view of the genome."