FTC Orders Illumina to Divest Its $7.1 Billion Acquisition of Cancer Detection Test Maker

The Federal Trade Commission on Monday ordered Illumina to divest its controversial acquisition of cancer test developer Grail, saying the deal would stifle competition and innovation.

The decision reverses an administrative judge’s September ruling, which dismissed the FTC’s initial challenge to the $7.1 billion deal.

“The Commission found that the acquisition would diminish innovation in the U.S. market for [multi-cancer early detection] tests while increasing prices and decreasing choice and quality of tests,” the FTC said in a press release. “This is extremely concerning given the importance of swiftly developing effective and affordable tools to detect cancer early.”

Read the source article at cnbc.com