ILMN Sep 2024 100.000 put
- Bloomberg
Illumina Wins Court Fight With EU Over $7 Billion Grail Deal
(Bloomberg) -- Illumina Inc.’s blocked $7 billion takeover of cancer-detection provider Grail Inc. should never have been probed by the European Union, according to a top court ruling that undermines the EU’s attempt to vet more global deals.Most Read from BloombergHow Air Conditioning Took Over the American OfficeA Guide to Urban Swimming in Europe, Beyond the SeineHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe European Commission overstepped its authority by using the US takeover
- PR Newswire
European Court of Justice rules in favor of Illumina in jurisdictional appeal
Illumina, Inc. (NASDAQ: ILMN), a global leader in DNA sequencing and array-based technologies, welcomes the European Court of Justice's (ECJ's) judgment today ruling that the European Commission did not have jurisdiction over Illumina's acquisition of GRAIL.
- Reuters
Illumina wins Grail battle in blow to EU merger power
BRUSSELS (Reuters) -U.S. gene sequencing company Illumina on Tuesday won its court fight against the European Union's investigation of its $7.1 billion purchase of cancer diagnostic test maker Grail, a ruling set to curb Brussels' merger powers. Illumina, which founded Grail and spun it off in 2016 only to re-acquire it in 2021 for $7.1 billion, had fought against the European Commission's decision to wield a rarely-used power called Article 22 to assess the deal even though it was below the EU's merger revenue threshold. The case has been closely watched by companies wary of EU scrutiny of minor deals and regulatory over-reach but which regulators fear could be so-called killer acquisitions in which big companies buy startups to shut them down, especially in the technology and pharmaceutical sectors.
