Illumina Gets European Commission Order to Divest Grail
14 October 2023 - 5:57AM
Dow Jones News
By Ben Glickman
Illumina is evaluating divestiture options for Grail after the
European Commission ruled the gene-sequencing company had 12 months
to sell the recently acquired business.
The San Diego-based company said Friday that it could explore a
third-party sale or a capital markets transaction under the EC's
order, which allows for flexibility in the structure of the
divestiture. The company also may be able to extend the deadline to
complete the divestiture by three additional months.
Illumina acquired the cancer-test developer Grail for $7.1
billion in 2021, but the deal was blocked last year by regulators
over antitrust concerns.
Illumina said Friday that it still believed the EC did not have
jurisdiction over its acquisition. The company has challenged the
EC's jurisdiction in the European Court of Justice, and a decision
in the case is pending.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
October 13, 2023 14:42 ET (18:42 GMT)
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