U.S. gene sequencing company Illumina’s plan to divest cancer diagnostic test maker Grail received the green light from EU antitrust regulators on Friday after having blocked the deal two years ago.
Tag Archive for: Illumina
Delaware Chancery Court Judge Paul Fioravanti ordered activist investor Carl Icahn to remove confidential information from his lawsuit against legacy Illumina board members.
Following a U.S. appeals court decision, the company said it is preparing to divest GRAIL through a third-party sale or capital markets transaction.
The European Union is expected to order the gene sequencing giant to divest Grail in the coming days, according to multiple media reports citing unnamed sources familiar with the matter.
An order from EU competition regulators for Illumina to sell cancer detection test maker Grail could come as early as next week, the Financial Times reported on Monday, citing people with knowledge of the matter.
The regulator has requested documents and communications related to the acquisition along with certain statements and disclosures about the “conduct and compensation” of certain members of the companies’ management, according to Illumina.
Amid leadership changes and anti-trust scrutiny, Illumina has lowered its 2023 guidance. The company now expects a 1% increase in revenue, down from its previous 7% to 10% growth forecast.
The European Commission said the size of the fine, amounting to 10% of Illumina’s global revenue and the maximum allowed under EU merger rules for such infringements, underscored the seriousness of the offense and aimed to deter such conduct.
The news comes months after activist investor Carl Icahn tried to place three of his representatives on Illumina’s board ahead of the company’s annual shareholder meeting last month. In his pitch, Icahn pointed to deSouza’s and the incumbent board’s failure “to take actions to maximize value for the company’s stockholders.”
