Benzinga | Jul 14, 2021 11:51AM EDT

Illumina, Grail Merger Faces Full-Scale European Probe Amid Antitrust Concerns: Reuters

* The proposed $8 billion merger between liquid biopsy firm Grail Inc and cancer blood screening firm Illumina Inc (NASDAQ:ILMN) has met with nothing but flack since it was first announced in September.

* In March, Federal Trade commissioners voted 4-0 to challenge the deal, and the deal is now facing a potential setback in the EU.

* The EU is prepared to launch a full-scale probe into a pending merger, sources close to the deal told Reuters.

* The proposed probe has evolved from a preliminary investigation that started last month, with the EU now seeking greater concessions from the deal.

* The EU's initial review is expected to wrap on July 22. Grail and Illumina have until just Thursday to expand their concessions beyond a commitment to cut prices by 2025 and provide contractual guarantees for fair pricing or face a more extensive investigation.

* The Federal Trade Commission sued to stop approval of the merger, accusing the deal would slow innovation in cancer tests.

* Price Action: ILMN shares are down 3.27% at $467.69 during the market session on the last check Wednesday.