Cancer-Test Deal Plays Chicken With Regulators
Illumina closes its $8 billion acquisition of Grail despite continuing antitrust scrutiny in the U.S. and Europe.
Illumina is taking a risk by jumping the gun on its deal for Grail.
Photographer: Anthony Kwan/Bloomberg
Illumina Inc. is tired of waiting around for regulators. The gene-sequencing giant said Wednesday that it had closed its $8 billion deal for cancer-testing startup Grail Corp. even though European and U.S. antitrust agencies continue to examine it.
Illumina contends that the deal is pro-competitive and that closing early will save lives by expanding access to Grail’s lead product, a blood test to detect multiple cancers early in otherwise healthy people. Even so, the company’s stock was down 10% Thursday, reflecting the risk it’s taking by jumping the gun.