Source: Following the Cause and Investigating the Medicine
Today we continue to talk about the recent situation of Illumina, the leader in sequencing instruments, one of which is the spin-off of GRAIL.
On June 3, 2024, Illumina, Inc., the global leader in sequencing instruments, issued an announcement.The company's board of directors has approved the plan to spin off GRAIL:First, Illumina will distribute GRAIL shares to all Illumina shareholders in the form of one share of GRAIL for every six shares of Illumina held.Second, the record date is June 13, 2024, meaning that holding Illumina stock on June 13, 2024 is sufficient, and no action is required.Third, GRAIL will officially begin trading on June 24, 2024.Fourth, if you do not want to have GRAIL's assigned rights, you can purchase stocks with the code "ILMN WI" between June 12-25, 2024.Fifth, fractional shares will not be granted, meaning if you hold 3 shares of Illumina stock, you will not receive 0.5 shares of GRAIL stock; this portion will be aggregated and sold separately on the market.Finally,Illumina will retain approximately 14.5% of the shares, and GRAIL will become a public company.Thus, this "Holy Grail War" has finally come to an end.Since Illumina acquired GRAIL, which was incubated and spun off by Illumina itself for $7.1 billion in 2021, it has been plagued by troubles.Attracted "mixed doubles" antitrust investigations from the FTC (U.S. Federal Trade Commission) and EC (European Commission), and was fined a record-breaking 432 million euros by the European Commission.It was followed by a series of public letter attacks from Carl Icahn, which were quite dramatic.These two topics can be clicked on the images to read slowly.On December 17, 2023, Illumina announced the decision to spin off GRAIL, with the timing set for the end of Q2 2024.Now, CEO Jacob Thaysen has also fulfilled his promise.Subsequently, the plan was approved by the European Commission on April 12, 2024.Later, we all already know the story.We refer to Fat Brother's data,This spin-off will see Illumina pay GRAIL a $778 million "break-up fee," along with an additional $10 million in extended fees, totaling $787 million.Fortunately, the €471 million fine from the European Commission will most likely not have to be paid. Otherwise, how many Mixue Ice City drinks could 1 billion US dollars buy..."True Hereditary Transmission"
On the same day, Illumina announced the appointment of another executive.June 3, 2024,Illumina AnnouncesEverett Cunningham will serve as the company's Chief Commercial Officer (CCO).
This person is no stranger to us, being the former CCO of Exact Sciences.Everett graduated from Northwestern University in 1990 with a degree in economics.Subsequently, he joined Pfizer as a sales representative (medical representative) and was promoted to senior director in just 7 years.In 2003, the title reached VP (Vice President), and in 2019, the position of President was obtained.Left Pfizer in 2012 after working there for 21 years, then joined Quest, a testing giant, as Senior Vice President (SVP) of Business.In 2019, he took a further step by joining GE Healthcare as the President and CEO of USCAN (United States and Canada).Joined Exact Sciences in 2021 as CCO (Chief Commercial Officer).PS: Currently, it seems that Everett indeed has nothing to do with Agilent.. hahaha.At this point, Illumina's management team has finally been completely and comprehensively replaced, truly a "changing of the guard."Let's review the timeline of management changes:On April 9, 2024, CFO Joydeep Goswami stepped down, and Ankur Dhingra became the CFO;On February 26, 2024, Illumina announced that Jenny Zheng (郑磊) will serve as the Head of Greater China for Illumina.On January 4, 2024, CCO Susan Tousi resigned;On September 20, 2023, Li Qing, Head of Illumina's China operations, resigned.On September 8, 2023, Illumina announced that the company's CMO (Chief Medical Officer), Dr. Phillip G. Febbo, had departed on August 7, 2023.On September 5, 2023, Illumina announced that the Board of Directors appointed Dr. Jacob Thaysen as the new CEO.On August 9, 2023, CTO Alex Aravanis resigned;On June 11, 2023, Illumina announced that CEO Francis deSouza had resigned, effective June 11, 2023.Of course, up to this point, as a bystander blogger, I am still not qualified.In fact, the management adjustment of Illumina, Inc. goes beyond this.In January 2024, Chief People Officer Aimee Hoyt departed, and former VP of Human Resources Pat Leckman assumed the role.On March 22, 2024, Illumina's Chief Marketing Officer, Kathryne Reeves, departed, and there is currently no successor.In other words, there are still no successors for the positions of Chief Medical Officer and Chief Marketing Officer.Everyone, would you like to consider it?Finally, the juiciest gossip:Back when Jacob first announced taking over Illumina, Pat Leckman immediately reposted and commented, but Aimee Hoyt did not (or possibly deleted it later).You see, the boss posted on Moments and asked us to forward, comment, and like it.
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