9/6/2022, 1:16 PM (Source: TeleTrader)
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EU blocks Illumina's $8B Grail acquisition

European Union antitrust regulators blocked on Tuesday Illumina's proposed acquisition of Grail worth $8 billion, noting the merger would have "stifled innovation, and reduced choice in the emerging market for blood-based early cancer detection tests."

European Commission Executive Vice-President Margrethe Vestager (pictured) warned that, with the acquisition, Illumina would likely "have an incentive" to cut off Grail's rivals from the technology needed to develop blood-based early cancer detection tests and insisted that it is "vital to preserve competition between early cancer detection test developers."

Grail was founded in 2015 as a spin-off of Illumina with the company holding a stake in it. In 2020, the two companies reached an agreement on Illumina fully acquiring the biotechnology firm.

Baha Breaking News (BBN) / NP