In a high-stakes instrument in a two-year legal encounter, the European Commission ordered U.S. biotech firm Illumina to divest from startup Grail, a company it acquired amidst an ongoing antitrust investigation in 2021. The acquisition, priced at $8 billion, had provoked scrutiny over potential competition issues.
Grail, a U.S-based startup, stands out by developing early cancer detection tests using blood samples. Despite EU’s probe focusing on the merger’s potential anti-competitive consequences, Illumina went through with the acquisition, which was later vetoed by EU officials in 2022.
Following these developments, Illumina has filed an appeal at the Court of Justice, the EU’s top court, challenging the decision that granted EU the authority to review the merger. Legal advisory for Illumina in this matter is being provided by Cleary Gottlieb Steen & Hamilton, while Grail has solicited the services of Latham & Watkins.