Benzinga | Jul 22, 2021 12:50PM EDT

Illumina Affirms Commitment To Re-Acquire GRAIL

Illumina, Inc. (NASDAQ:ILMN) today affirmed its commitment to re-acquire GRAIL, a healthcare company focused on multi-cancer early detection.

"This acquisition is procompetitive, and we have offered far-reaching structural and behavioral remedies to address any potential concerns. Illumina will continue to work with the European Commission (EC) to ensure that it has the information and assurances necessary to approve this transaction. We look forward to presenting our position during the Phase II process," said Charles Dadswell, General Counsel for Illumina.

Illumina is also challenging the EC's jurisdiction to investigate the transaction under Article 22 of the European Union (EU) Merger Regulation. The Commission reversed decades of merger policy in asserting jurisdiction under Article 22 of the EU Merger Regulation on April 19, 2021, seven months after the deal was announced. Illumina has filed an action in the General Court of the EU seeking annulment of the EC's jurisdiction to review the acquisition.

"The Commission's unprecedented decision to assert jurisdiction to review this transaction between two U.S.-based companies leaves businesses around the world uncertain as to how the EU Merger Regulation will be applied in the future," said Dadswell.

Illumina's re-acquisition of GRAIL means that millions of citizens across the European Economic Area (EEA) will be able to access life-saving early cancer screening years sooner. "When people have access to early cancer detection, lives will be saved," said Francis deSouza, Chief Executive Officer of Illumina. "If this acquisition does not proceed, GRAIL's European roll-out will be slower and the cost will be measured in the unnecessary loss of life. Re-uniting GRAIL with Illumina will accelerate availability of the GRAIL test by many years in the EEA and globally, saving tens of thousands of lives, and leading to significant health care cost savings."