In a significant development in antitrust enforcement, Illumina Inc., a global leader in genomics, was ordered by the European Union to dismantle its $7 billion acquisition of cancer-test provider Grail Inc. The EU’s move intensifies a legal battle over the transaction, which was concluded without its approval. Bloomberg Law reported.
The European Commission issued the order to Illumina to reverse the transaction, stating that Grail’s autonomy must be restored and it needs to be as viable and competitive post-divestment as it was prior to Illumina’s acquisition.
- The company was also slapped with a massive €432 million fine for prematurely concluding the deal.
- Even though the order could be contested, Illumina already has appeals in progress.
Commissioner Didier Reynders declared this decision crucial, asserting that it reinstates competition in the field of early cancer detection testing by ensuring Grail’s independence. The circumstances leading to this extreme measure remind corporations that they must rigorously adhere to compliance norms or risk facing substantial penalties and consequential action.