TELETRADER News
9/21, 1:19 PM (Source: TeleTrader)
more TeleTrader news

Illumina announces $8B Grail acquisition

Illumina, Inc. announced on Monday it reached an agreement to acquire Grail for $8 billion, confirming earlier media reports.

The transaction, which will see Grail stockholders, including Illumina, receive a total of $3.5 billion in cash and $4.5 billion in Illumina common stock, has been approved by boards of both companies and is expected to close in the second half of 2021, subject to regulatory approvals. Illumina, which launched Grail in 2016 as a separate company, already owns 14.5% of its shares.

Illumina CEO Francis deSouza stated the companies plan to "introduce routine and broadly available blood-based screening that enables early cancer detection" with Grail's Galleri multi-cancer screening test.

Illumina shares dropped 5.55% in premarket after the agreement was announced.

Breaking the News / NP