Illumina completed its $7.1 billion acquisition of life-sciences company Grail, despite a legal battle with the FTC and antitrust concerns in Europe
on Wednesday said it completed its planned $7.1 billion acquisition of Grail Inc., despite a continuing legal battle with the Federal Trade Commission and separate antitrust concerns in Europe.
The company said there was no legal impediment to closing the transaction now, and said it moved to do so to prevent regulatory proceedings from killing the deal by running out the clock. San Diego-based Illumina develops and sells next-generation, genetic-sequencing machines and the chemicals used in them. Grail, based in Menlo Park, Calif., was founded by Illumina and spun off in 2017. It has been developing liquid biopsy tests that examine blood samples for genetic signs of cancer, a product that, if successful, could have a significant impact in healthcare.
Illumina said that buying Grail back will allow it to scale up operations and more quickly expand access to the tests.in March to block the transaction, arguing that the deal would diminish innovation in the U.S. market for multi-cancer early detection tests. A trial is scheduled to begin next week in the FTC’s administrative court. Illumina would have the right to appeal in a U.S. court if it loses during the commission’s in-house legal proceedings.
Illumina, which has denied the FTC allegations, said it would hold Grail as a separate and independent unit and abide by whatever decision the courts reach.
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