FTC appeals ruling in case challenging Illumina's acquisition of GRAIL
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The Federal Trade Commission (FTC) on Friday filed a notice of appeal in its case challenging Illumina's multibillion-dollar acquisition of cancer detection company GRAIL.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ILMN | ILLUMINA INC. | 196.07 | -4.55 | -2.27% |
The notice of appeal, published on the FTC website, comes a day after an administrative law judge ruled in the DNA sequencing firm's favor. Illumina said Thursday that the judge "rejected the FTC's position that the deal would adversely affect competition in a putative market for multi-cancer early detection (MCED) tests."
ILLUMINA WINS FTC GRAIL CASE IN $7.1 BILLION DEAL
The FTC first sought to challenge Illumina’s acquisition of cancer detection company GRAIL in March 2021. (REUTERS/Andrew Kelly/File Photo) Illumina announced in September 2020 that it would acquire GRAIL, a subsidiary it had previously spun off. Roughly a year later, the company completed the $7.1-billion deal amid pending regulatory challenges from the FTC and the European Commission. The FTC first sought to challenge the acquisition in late March 2021. CLICK HERE TO READ MORE ON FOX BUSINESS FOX Business reached out to Illumina for comment on the FTC's move to appeal. In a press release Thursday, the DNA sequencing firm's general counsel, Charles Dadswell, said the GRAIL acquisition is "procompetitive, will advance innovation, lower healthcare costs and save lives." Source: Read Full Article