Exclusive-Illumina in talks with EU regulators to divest Grail - sources
Reuters
Published Sep 05, 2022 09:43AM ET
By Foo Yun Chee
BRUSSELS (Reuters) -U.S. life sciences company Illumina (NASDAQ:ILMN) is in talks with European Union antitrust regulators to divest Grail ahead of an expected EU veto next week of its $7.1 billion acquisition of the biotechnology company, people familiar with the matter said.
The European Commission is set to block the deal because remedies offered by Illumina do not fully address the EU competition enforcer's concerns, other sources told Reuters last month.
Illumina completed its takeover of Grail in August last year without waiting for the EU green light, and was subsequently ordered by the EU watchdog to keep Grail separate and install independent managers to run the company until a regulatory decision on the deal.
The Commission, which is scheduled to decide on the takeover by Sept. 12, declined to comment. Illumina had no immediate comment.
Illumina has offered royalty-free global licences for some patents to rivals and a three-year patent truce with Chinese rival BGI in Europe in a bid to address EU antitrust worries, according to other people familiar with the matter.
Illumina won the backing of a U.S. administrative judge last week who rejected a lawsuit by the Federal Trade Commission (FTC) against the deal. The FTC will appeal the ruling.
The court judgment does not have any impact on the EU decision, the people said.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.