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id: 853, Created by Stan Vick, Scout
Illumina (ILMN) GRAIL Merger Case
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- Illumina acquired Grail without securing regulatory approval, facing regulatory scrutiny and $0.5B in fines.
- Since the acquisition news, $ILMN lost ~70% of shareholder value.
- Investor suspects Illumina & its BoD of downplaying regulatory risk and not prioritizing shareholder interests in the GRAIL merger.
On August 18, 2021, Illumina (ILMN) announced that it acquired GRAIL, a healthcare company focused on life-saving early detection of multiple cancers but $ILMN will hold GRAIL as a separate company during the European Commission's ongoing regulatory review.
- On 6 September 2022, the Commission prohibited the acquisition of GRAIL by Illumina over concerns that the merger would have stifled innovation and reduced choice in the emerging market for blood-based early cancer detection tests.
- On July 12, 2023, EU regulators fined Illumina a record EUR 432 million for closing its acquisition of Grail without first securing regulatory approval.
- On October 18, 2023, Activist-investor Carl Icahn sued the board of directors at $ILMN and accused them of breaching their fiduciary duties.
Investors have reasons to suspect that Illumina & its BoD downplayed the regulatory risk and did not act in the best shareholder interests by closing the GRAIL merger.
Failure to Disclose,
Breach of Fiduciary duty,
Shock Event Date
18 October 2023
10 November 2023
Lead Plaintiff Deadline
12 January 2024