Illumina acquisition of Grail wins support from GOP lawmakers, state AGs as FTC tries to block it

Proponents of the deal argued in the court filings that the FTC overstepped its authority in trying to unwind the tie-up that closed nearly two years ago. They added that blocking the companies from merging could harm the development of life-saving technology.

"Unaccountable federal agency power undermines liberty, and overzealous, unfair agency enforcement impedes technological advancements benefitting citizens' wellbeing," attorneys general from 12 states said in one of the briefs. Those states are Alaska, Arkansas, Georgia, Idaho, Indiana, Iowa, Kentucky, Louisiana, Nebraska, South Carolina, Utah and Virginia., which can detect more than 50 types of cancers through a single blood draw. The test isn't approved by the Food and Drug Administration, but it has raked in limited sales over the past year.

Grail needs Illumina to obtain regulatory approval and commercialize production of the test, which are "required steps to delivering the full benefits of these tests to the public and detecting cancer as quickly as possible," the lawmakers argued.The deal has faced broad opposition. Last year, the European Union's executive body, the European Commission,And activist investorIllumina shareholders voted to oust the chair of its board late last month.

Argentina Últimas Noticias, Argentina Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Stocks making the biggest moves before the bell: Nasdaq, Illumina, Oracle, Carnival & moreThese are the stocks posting the largest moves in premarket trading.
Fuente: CNBC - 🏆 12. / 72 Leer más »

FTC set to file injunction to block Microsoft acquisition of Activision Blizzard: reportMicrosoft Corp. appears to have another headwind in its $69 billion acquisition of videogame publisher Activision Blizzard Inc. in the form of an injunction...
Fuente: MarketWatch - 🏆 3. / 97 Leer más »