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

(RTTNews) - 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.