In a significant turn of events, the Higher Court of Justice of the European Union ruled in favor of gene-sequencing company Illumina regarding its $7.1 billion acquisition of Grail, a specialist in early cancer detection. The court’s ruling, which cannot be appealed, overturns the European Commission’s decision that the merger violated antitrust laws. This judgment vindicates Illumina’s stance that the European Commission overstepped its jurisdiction. The saga surrounding this acquisition has deeply impacted Illumina, including a $476 million fine from the EU Commission that Illumina now no longer has to pay. The company’s CEO, Francis deSouza, resigned amid the controversy, later replaced by Jacob Thaysen. As of December 2023, Grail applied to be listed on Nasdaq under the ticker ‘GRAL’. Illumina will retain a 14.5% minority share and continue supporting Grail with its sequencing technology.
Biotechnology, Legal and Regulatory,European Union, United States
https://mergersacquisitions.einnews.com/article/740790175/GcafSZ3B1GSQCRxu?ref=rss&ecode=Q1vNcweEggLWKz7L