Illumina hit with record $476 million fine for closing Grail deal without EU approval
Publishing timestamp: 2023-07-12 09:39:50
Summary
The European Union regulators have fined Illumina a record 432 million euros for closing its acquisition of Grail without regulatory approval. The fine amounts to 10% of Illumina's turnover and is the maximum allowed under EU merger rules. Illumina plans to appeal the fine. The acquisition has already cost Illumina significant sums of money, with its market value falling from $75 billion to $29 billion. The European Commission blocked the Grail deal last year over concerns of stifling innovation and consumer choice in the cancer detection test market. Illumina believes the acquisition would maximize value for shareholders and save lives.
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Keywords: cancer, illumina inc, united states, eu, health care industry, biotechnology, mergers and acquisitions, european commission, biotech and pharmaceuticals, business, pharmaceuticals, business news, europe, federal trade commission,
Source: https://www.cnbc.com/2023/07/12/illumina-hit-with-record-eu-fine-over-grail-deal.html