Illumina Appeals FTC Decision, Grail Swings And Misses
Illumina has formally appealed the FTC’s decision to block its acquisition of Grail, just days after Grail mistakenly sent letters to patients suggesting they could have cancer.
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Carl Icahn was successful in ousting Illumina’s chair, however its CEO, Francis deSouza remains. Both analysts and investors believe this could further encourage Illumina to divest Grail.
Illumina faces a difficult decision now that the US FTC has formally rejected its attempt to re-acquire Grail, the sequencing company it originally sold in 2016. The FTC and European regulators say the merger would stifle competition but the company plans to appeal the ruling.
The European Union’s antitrust commission blocked the re-acquisition of Grail by Illumina days after an FTC administrative law judge ruled in favor of the merger in the US.