{"id":123030,"date":"2021-11-16T20:26:54","date_gmt":"2021-11-16T20:26:54","guid":{"rendered":"https:\/\/fin2me.com\/?p=123030"},"modified":"2021-11-16T20:26:54","modified_gmt":"2021-11-16T20:26:54","slug":"illumina-defends-grail-deal-expects-eu-formal-objections-on-wednesday","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/illumina-defends-grail-deal-expects-eu-formal-objections-on-wednesday\/","title":{"rendered":"Illumina defends Grail deal; expects EU formal objections on Wednesday"},"content":{"rendered":"
FILE PHOTO: A building on the campus at the world headquarters of Illumina is shown in San Diego, California, U.S., September 1, 2021. REUTERS\/Mike Blake<\/figcaption>

(Reuters) – Illumina Inc on Tuesday defended the $8 billion purchase of Grail Inc as it gears up to battle formal objections raised by European antitrust regulators, which the company expects to be issued on Wednesday.<\/p>\n

The deal was finalised in August, and Illumina has said it would hold Grail, which makes a non-invasive, early detection biopsy test to screen for many kinds of cancers using DNA sequencing, as a separate company while waiting for approval from the EU.<\/p>\n

The European Commission last month had taken interim measures after Illumina closed the deal before its approval, including an order that Grail be kept separate.<\/p>\n

The bloc’s antitrust regulators will decide by Feb. 4 here whether to clear it. The regulators have previously cautioned that the acquisition could curb innovation and competition here.<\/p>\n

Menlo Park, California-based Grail has no presence in Europe and has no plans to enter the region for the foreseeable future, Illumina said on Tuesday in a briefing paper sent to all the national competition authorities in the European Economic Area.<\/p>\n

Any potential effects of the deal on competition in the region are therefore \u201cremote and highly speculative,\u201d it said.<\/p>\n

Illumina announced the cash-and-stock deal for Grail last year, buying out investors including Amazon founder Jeff Bezos, to regain control of a company here it spun out in 2016.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: A building on the campus at the world headquarters of Illumina is shown in San Diego, California, U.S., September 1, 2021. 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