Illumina Will Divest Cancer Test Maker Grail Following Antitrust Battles

Gene sequencing company Illumina said on Sunday it will divest cancer diagnostic test maker Grail after the companies battled both US and European antitrust enforcers for more than two years and faced fierce opposition from activist investor Carl Icahn.

The divestiture will be executed through a third-party sale or capital markets transaction, San Diego-based Illumina said in a statement, adding that it would finalize the terms by second quarter of 2024.

Grail will continue to be held separate with committed funding from Illumina for the company’s business through the divestment process, the former said in a separate statement.

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