SAWT BEIRUT INTERNATIONAL

| 9 December 2022, Friday |

EU renews order for Illumina to keep Grail as separate entity

EU antitrust regulators renewed interim measures requiring US life sciences company Illumina to keep Grail separate pending an order to unwind the takeover completed before the deal was approved.

The competition enforcer issued the interim order, which was set to expire at the end of the month, last year after Illumina jumped the gun and acquired Grail before receiving EU approval.

The EU subsequently vetoed the deal on Sept. 6.

“The European Commission has renewed and adjusted, under the EU Merger Regulation, the interim measures that ensure that Illumina and GRAIL remain separate following the Commission’s decision to block the merger,” the EU watchdog said in a statement.

 

Under the interim measures, Grail must be run by independent managers exclusively in the interest of the company and it cannot share confidential business information with Illumina, though there could be very limited exceptions with safeguards.

Illumina, which has challenged the Commission’s veto, will be required to provide funds for Grail to develop cancer detection tests it has in the pipeline.

Failure to comply would trigger penalty payments up to 5% of Illumina’s average daily turnover.

    Source:
  • Reuters