logo
  

Illumina Plans To Appeal European Commission's Decision In Grail Deal

Illumina Inc. (ILMN) said Tuesday that it intends to appeal the European Commission's decision that prohibited the company's proposed $7.1 billion acquisition of cancer detection test maker Grail.

Earlier today, the European Commission said it has prohibited the implemented acquisition of Grail by Illumina. The merger would have stifled innovation, and re-duced choice in the emerging market for blood-based early cancer detection tests. Illumina did not offer remedies sufficient to address the concerns.

The European Commission decision follows last week's ruling by US Federal Trade Commission judge in favor of Illumina's acquisition of GRAIL.

In addition, Illumina on Tuesday said, to prepare for the anticipated divestment order from the European Commission in the coming months, it will begin reviewing strategic alternatives for GRAIL in the event the divestiture is not stayed pending its appeal.

Illuminais separately appealing a July 2022 decision by the General Court of the European Union regarding the European Commission's jurisdiction to challenge the GRAIL deal.

Grail was founded by Illumina and was later spun off as a standalone company in January 2017, powered by Illumina's NGS technology. It was in September 2020 that Illumina agreed to buy GRAIL in a cash and stock transaction then valued at about $8 billion.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Consumer Product Safety Commission or CPSC announced recall of thousands of children's Robes made in China and sold exclusively on Amazon.com by various companies. The recalled robes fail to meet the federal flammability standards for children's sleepwear, posing a risk of burn injuries to children. Further, citing the same concerns, Paper Cape children's pajamas manufactured in Peru ... Health services company Cigna Corp. reported Friday higher profit in its fourth quarter reflecting growth in both Evernorth and Cigna Healthcare segments. Adjusted earnings and topline beat market estimates. Looking ahead for fiscal 2023, the company projects adjusted earnings and adjusted revenues to be higher than last year, but below market view. French drug major Sanofi SA reported Friday higher profit in its fourth quarter with strong revenue growth mainly with strong sales of Dupixent. Looking ahead for fiscal 2023, the company projects higher business earnings, but the expected growth is slower than recorded in fiscal 2022. Sanofi shares were losing around 4 percent in the morning trading in Paris as well as in pre-market activity...
RELATED NEWS
Follow RTT