Illumina is one of Mainboard-listed Venture Corporation’s major customers. Illumina’s shares have fallen some 26.4% over the past year to US$100.24 as at Feb 14.

Prime Minister and Finance Minister Lawrence Wong mentioned Illumina, the Nasdaq-listed biotechnology firm headquartered in San Diego, when delivering Budget 2025. 

Founded in 1998, Illumina is a genetic testing company. It develops DNA sequencing and array-based life sciences technologies to enable research discovery. Illumina sells a number of DNA sequencing systems, also known as DNA sequencers.

The company’s first Singapore facility opened in 2008. According to the company’s website, it has a commercial office in Biopolis Way and a manufacturing facility in Woodlands Industrial Park. 

"In partnership with local enterprises such as Venture Corporation V03 and Sunningdale Tech, the facility manufactures the full range of Illumina’s products, such as the MiniSeq and MiSeq i100 genome sequencing machines, as well as the consumables that are needed to operate them," states MOF in a separate release giving more background of companies cited by PM Wong.

"These partnerships have helped Singapore’s local enterprises build new capabilities in innovation and expand into new industries," adds MOF.

Venture Corp is a leading SGX-listed bluechip manufacturer while Sunningdale Tech used to be listed here as well before it was privatised by a group of investors including current SGX chairman Koh Boon Hwee.

Illumina’s shares began falling sharply in February after China placed it on an “unreliable entity” list alongside Calvin Klein owner PVH Corp, putting them at risk of sanctions.

Greater China accounted for about 8.5% of Illumina’s revenue in 2023, according to filings. China’s Ministry of Commerce said the two firms infringed the principles of market transactions and undertook damaging actions against Chinese companies.

Illumina’s shares have fallen some 26.4% over the past year to US$100.24 as at Feb 14. Nasdaq was shut on Feb 17 for Presidents Day.

After notching a 52-week high of US$156.66 in November 2024, Illumina shares are now near its 52-week low of US$97.27.

The Edge Singapore has reached out to Venture Corp for comment. 

Follow the market’s reaction to Budget 2025 on The Edge Singapore.