- That European Commission has banned Illumina Inc ILMN Acquisition of GRAIL.
- The company is reviewing the Commission’s order and intends to appeal the decision.
- The company said the “merger of Illumina and GRAIL would usher in a transformative phase in cancer detection and treatment by enabling equitable and affordable access to the life-saving Galleri test for cancer screening.”
- The EC decision follows last week US Federal Trade Commission judges ruled in favor Illumina’s acquisition of GRAIL.
- Reuters reported Illumina is in talks with European Union antitrust authorities to divest Grail ahead of an expected EU veto next week on its $8 billion acquisition.
- Illumina completed its acquisition of Grail in August last year without waiting for the EU’s green light.
- The commission is scheduled to decide on the takeover by September 12.
- The report mentioned that Illumina had offered competitors royalty-free global licenses for some patents and a three-year patent moratorium with Chinese rival BGI in Europe to address EU antitrust concerns.
- Price promotion: ILMN shares are up 4.04% to $204.00 during the premarket session on the last control Tuesday.
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