Illumina prepared to divest GRAIL if FTC appeal fails
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- Illumina (NASDAQ:ILMN) said that if an appeal of an FTC order that it divest GRAIL fails, it will follow the order and let go of the company it acquired in 2021.
- Illumina (ILMN) said it will request an expedited review.
- Illumina (ILMN) said it is hoping that a decision will be rendered by the US Court of Appeals by late 2023 or early 2024. This is around the same time that a decision is expected from the European Court of Justice on an appeal from the company. European regulators declined to approve the acquisition, but Illumina (ILMN) proceeded with it anyway.
- "Winning both appeals would maximize value for shareholders," Illumina (ILMN) said in a news release. "It enables Illumina (ILMN) to expand the availability, affordability and profitability of the groundbreaking Galleri test in the $44-plus billion multi-cancer screening market."
- Read why Seeking Alpha contributor The Value Investor recently issued a hold rating for Illumina (ILMN).