EU orders biotech giant Illumina to unwind $7.1 billion purchase of cancer-screening company Grail

9 hours agoFILE - European Commissioner for Justice Didier Reynders delivers a speech on the electoral law, the investigative committee and the rule of law in Poland, Wednesday, June 14, 2023 at the European Parliament in Strasbourg, eastern France. The European Union on Thursday, Oct. 12, 2023 ordered U.S. biotech giant Illumina to undo its $7.1 billion purchase of cancer-screening company Grail because it closed the deal without approval of regulators in the 27-nation bloc.

Allowing the deal to stand would have undermined the credibility of EU regulators. Companies almost invariably play by the rules and wait to complete an acquisition or merger until antitrust authorities have cleared it, according to the European Commission, the EU’s executive arm and top antitrust enforcer.

Illumina must “restore the situation prevailing before” the acquisition, regulators said, and how Illumina divests itself of Grail also needs EU approval.

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