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Sony teams with Illumina working on Japanese genome market

Sony has struggled financially in recent years, with its shrinking share of the TV market and a sector-wide slump in PC sales dragging the company down. With the electronics business floundering, management is looking to other sectors to prop up the business and thinks it has found the next growth engine–genomics.

The Japanese business ($SNE) is entering the sector by setting up a company called P5. It’s collaborating with Illumina ($ILMN) and health IT company M3, which Sony itself helped establish in 2000. Illumina will have a minority stake in the venture. As well as owning part of the business, Illumina will provide the genome sequencing equipment Sony hopes will reshape medicine and drug research in Japan. When it is established next month the new company will begin offering genome analysis services to Japanese research institutes and business.

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