Illumina Plans to Divest Grail After US Antitrust Ruling
- US, Europe regulators had opposed the re-acquisition of Grail
- Investor Carl Icahn also battled Illumina over the deal
Photographer: DBenitostock/Moment/Getty Images
This article is for subscribers only.
Illumina Inc. said it will sell Grail Inc. after a US appeals court found that its $7 billion acquisition of the cancer detection startup violated antitrust laws.
The Fifth Circuit Court of Appeals issued the ruling last week, sending the case back to the US Federal Trade Commission for a fresh review. While the sale is likely to “substantially lessen competition,” the court said, the trade regulator misapplied antitrust standards when conducting an internal assessment of the deal and its decision should be vacated.