Illumina's $7.1B Grail Deal Rejected by Appeals Court
TL;DR Summary
The planned $7.1 billion acquisition of cancer test developer Grail by Illumina has been sent back to the Federal Trade Commission (FTC) by a U.S. appeals court, which upheld the regulator's finding that the deal is anticompetitive. The court determined that the FTC used a standard incompatible with the Clayton Act and vacated its order, remanding the case for reconsideration. Illumina has filed a draft registration statement for a potential divestiture of Grail, and if it fails to overturn the European Commission's order or the appeals court rules against it, Illumina will proceed with the divestiture.
- Illumina $7.1B deal for Grail sent back to FTC by appeals court Seeking Alpha
- Gene-Sequencing Company Illumina to Sell Cancer Test Developer The New York Times
- Illumina to divest cancer test maker Grail after antitrust battles Reuters
- Biotech giant Illumina will unwind takeover of cancer-screening company Grail The Hill
- Court Sides With FTC Finding Illumina-Grail Deal Anticompetitive The Wall Street Journal
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