Illumina Acquires Grail in an $8 Billion Deal
Illumina (NSDQ:ILMN) announced that it completed its long-awaited and much-scrutinized acquisition of cancer detection company Grail.
In September 2020, San Diego-based Illumina announced that it entered into an agreement to acquire Grail, a startup that spun out from Illumina nearly five years ago, for cash and stock consideration of $8 billion.
The announcement of the proposed merger was met with heavy scrutiny, with Illumina and Grail agreeing this past spring to postpone the planned purchase until after Sept. 20 while the FTC challenged the deal. The company in March stated that it disagreed with and will oppose the FTC’s challenge to the acquisition. However, in June, a U.S. judge has ruled in favor of an FTC petition to drop its case against the merger.
