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.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

EU orders biotech giant Illumina to unwind $7.1 billion purchase of cancer-screening company GrailThe European Union is ordering 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. The 27-nation bloc already slapped a $475 million fine on Illumina over the summer for jumping the gun on the acquisition without its consent.
Source: AP - 🏆 728. / 51 Read more »

EU orders biotech giant Illumina to unwind $7.1 billion purchase of cancer-screening company GrailThe European Union is ordering 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.
Source: ksatnews - 🏆 442. / 53 Read more »

Illumina Ordered by EU to Unwind Grail AcquisitionEuropean Union’s antitrust watchdog orders life-sciences company to shed U.S. cancer-test developer it acquired in 2021
Source: WSJ - 🏆 98. / 63 Read more »