Illumina's Plan to Spin Off GRAIL Receives European Commission Approval

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Illumina, Inc. (NASDAQ: ILMN), the global leader in DNA sequencing and array technology, recently announced that the European Commission (EC) has approved its plan to spin off GRAIL.

Although this does not mean that the divestiture approach has been finalized, the company is pleased to have reached an agreement with the European Commission on a specific divestiture plan, as it represents an important milestone in the process. Illumina continues to explore the divestiture of GRAIL through either a trade sale or a capital markets transaction, and the currently approved plan is considering each of these options. In the event of a capital markets transaction, Illumina would be required to provide GRAIL with funding for two and a half years, which is estimated to be approximately $1 billion based on GRAIL's long-term plans.

Illumina looks forward to cooperating with the European Commission to approve the final terms consistent with the divestiture plan. As previously stated, Illumina aims to finalize these terms by the end of the second quarter of 2024.

Source of the article: https://endpts.com/