TELETRADER News
4/3, 5:13 PM
(Source: TeleTrader)
Illumina+3.17%
Illumina-Grail $7.1 billion deal dismissed by US FTC
The United States Federal Trade Commission announced on Monday that it opposes the $7.1 billion acquisition of Grail Inc. by Illumina Inc. and ordered the two companies to remain separate businesses.
The deal would "stifle competition and innovation in the US market for life-saving cancer tests" as Grail produces a multi-cancer early detection (MCED) test while Illumina sells DNA sequencing systems needed for MCED tests, according to the FTC.
In September 2022, the European Union blocked the merger on similar grounds after Illumina completed the deal in August 2021 without waiting for regulatory approval. Brussels issued a set of measures in December 2022 to unwind the acquisition.