EU fines U.S. firm Illumina $475 million for jumping gun on buying cancer-screening company Grail

Illumina announced a $7.1 billion acquisition of Grail in 2020, but the European Commission, the EU’s executive arm, said the company broke the bloc’s merger rules by completing the deal without its consent. The EU had announced last year that it was blocking the merger, saying it would hurt competitors.

San Diego-based Illumina is a major supplier of next-generation sequencing systems for genetic and genomic analysis, while Grail is a health company developing blood tests to try to catch cancer early. The commission says companies almost invariably play by the rules and wait to complete an acquisition or merger until antitrust authorities have cleared it.

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EU fines US firm Illumina $475 million for jumping gun on buyout of cancer-screening company GrailThe European Union slapped a $475 million fine on U.S. biotech giant Illumina for buying out cancer-screening company Grail without the approval of the EU's antitrust watchdog. Last year, the EU blocked the $7.1 billion merger on competition grounds.
Fonte: AP - 🏆 728. / 51 Consulte Mais informação »