Benzinga | Nov 16, 2021 01:07PM EST

Europe To Layout Objections to Illumina-Grail Deal: Bloomberg

* Illumina Inc (NASDAQ:ILMN) says the European Union will issue a list of objections tomorrow over the Company's $8B takeover of GRAIL, Bloomberg reports.

* Related Link: EC Adopts Interim Measure, Tells Grail To Work On Alternatives To Illumina Deal.

* The EU is weighing whether the deal would prevent other companies from bringing tests to market, will likely issue a so-called statement of objections.

* Grail has no business in Europe, and a deal veto would delay the rollout of cancer tests in the region by many years, Illumina said in a briefing paper.

* The EU's arguments that the deal may be anticompetitive are "highly speculative and unfounded by any evidence. This is not a 'killer acquisition' as Illumina and Grail are not competitors," said Illumina.

* Illumina risks a potential $400 million fine.

* Related: Illumina Clocks 40% Growth In Q3; Earnings Beat Expectations.

* Price Action: ILMN shares are down 0.09% at $378.61 during the market session on the last check Tuesday.