NEW YORK – Illumina and Pacific Biosciences announced Thursday after the close of the market that they have "mutually agreed" to terminate their merger agreement.

The deal, announced in November 2018, would have seen Illumina acquire PacBio for $8 per share — approximately $1.2 billion in cash. Per their agreement, Illumina will pay PacBio a termination fee of $98 million; Illumina will also make continuation payments totaling $34 million over the next three months.