SEC investigating Illumina over acquisition of cancer test developer Grail
Publishing timestamp: 2023-08-11 15:52:30
Summary
The U.S. Securities and Exchange Commission is investigating Illumina over its $7.1 billion acquisition of Grail. Illumina is cooperating with the SEC's probe. The Grail deal has also faced scrutiny from antitrust regulators in the U.S. and European Union. Illumina's market value has significantly decreased since the deal closed. The European Commission fined Illumina $476 million for closing the acquisition without regulatory approval. Illumina has appealed the decision and expects a final decision in late 2023 or early 2024. If Illumina loses the appeal, it will divest Grail.
Sentiment: NEUTRAL
Tickers: ILMN,
Keywords: biotech and pharmaceuticals, illumina inc, carl icahn, business, pharmaceuticals, biotechnology, health care industry, sec, breaking news, united states, business news, mergers and acquisitions, eu,
Source: https://www.cnbc.com/2023/08/11/sec-investigating-illumina-grail-acquisition.html