EU Orders Biotech Giant Illumina to Undo Its $7.1 Billion Purchase of Cancer-Screening Company Grail

The European Union on Thursday ordered U.S. biotech giant Illumina to undo its $7.1 billion purchase of cancer-screening company Grail because it closed the deal without approval of regulators in the 27-nation bloc.

The EU already slapped a $475 million fine on Illumina over the summer for jumping the gun on the acquisition without its consent. Now, the order to unwind the deal “restores competition in the development of early cancer detection tests,” EU antitrust Commissioner Didier Reynders said.

“By ordering Illumina to restore Grail’s independence, we ensure a level playing field in this crucial market to the ultimate benefit of European consumers,” he said.

Read the source article at U.S. News