- Illumina Inc ILMN said it receive a positive first decision by the judge overseeing the US Federal Trade Commission’s challenge to the Grail transaction.
- The company said Administrative Judge Michael Chappell “ruled in favor of Illumina, rejecting the FTC’s position that the deal would affect competition in an alleged multi-cancer screening (MCED) market.”
- “As we have stated from the outset, this transaction is pro-competitive, will drive innovation, reduce healthcare costs and save lives. We are pleased that the ALJ, after reviewing the evidence, has come to the same conclusion,” said Charles Dadswell, Illumina Advocate General.
- In the antitrust lawsuit, the FTC argued that Grail’s competitors relied on Illumina’s dominant DNA sequencers.
- Illumina announced plans to acquire Grail in late 2020 for approximately $8 billion. The FTC said in March 2021 that it did contest the deal and added later European competition authorities.
- The European Commission has since expanded its investigation into the deal.
- August 2021 Illumina enforced the takeover and swear to operate Grail separately until all legal issues are resolved.
- Price promotion: ILMN shares are up 1.19% to $203.00 during the premarket session last Check Friday.
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