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Illumina Inc. is selling its cancer test developer, Grail, following its series of antitrust conflicts. The company is a known maker of gene-sequencing machines, and on Sunday, Dec. 17, it revealed its decision to divest this unit, which it bought in 2021 for $7.1 billion.
According to The New York Times, Illumina's move to divest its Grail unit came two days after the company recently lost in a court battle. It made an appeal, but the federal court largely sided with the Federal Trade Commission when it upheld the antitrust regulator's ruling that Illumina must sell its Grail on antitrust grounds.
Obstruction in Europe
It was reported that Illumina's deal for Grail was also not cleared in Europe, and it has, in fact, faced a roadblock there, too. In September last year, the EU said it would block the acquisition. The company publicly admitted that it had been unsuccessful with its appeals for the Grail deal, and this has led to the decision to divest the start-up.
At any rate, the company's troubles started when it went ahead and purchased the cancer test developer despite the complaint from the U.S. FTC. The commission argued that the buyout would reduce innovation in the American market as well as increase prices.
Execution of Illumina's GRAIL's Sale
The biotechnology company, headquartered in San Diego, California, said that its sale of GRAIL is set to be executed via a third-party or capital markets transaction that is in line with the European Commission's (EU) divestiture order. Illumina aims to finalize the terms of the deal by the end of the second quarter of 2024.
"We are committed to an expeditious divestiture of GRAIL in a manner that allows its technology to continue benefitting patients," Illumina's chief executive officer, Jacob Thaysen, said in a press release. "The management team and I continue to focus on our core business and supporting our customers. I am confident in Illumina's opportunities and our long-term success."
Photo by: Illumina Press Release
