Illumina spun off Grail in 2016 but retained a 12% stake. It reacquired Grail in 2021 despite opposition from European and U.S. regulators.
The following is a chronology of events in the Illumina-Grail deal:
DATE DEVELOPMENT
Jan. 10, Illumina spins off Grail as a new company
2016
Sept. Illumina reacquires
21, 2020 the cancer detection test maker for
$7.1 billion
March The U.S. FTC seeks to stop the deal
30, 2021
July 13, The deal faces a full-scale EU antitrust probe
2021
Aug. 18, Illumina completes the acquisition of Grail for
2021 $8 billion ahead of EU regulatory approval
Aug. 24, The U.S. FTC seeks to undo the deal, alleging it
2021 would harm innovation and boost prices
Oct. 12, EU antitrust regulators resume their scrutiny of
2021 the deal after a two-month halt
Oct. 29, EU orders Illumina to keep Grail as
2021 a separate company
Dec. 16, Illumina criticizes EU antitrust
2021 regulators for scrutinizing the deal even though
Grail has no business operations in Europe
Jan. 25, EU antitrust regulators extend the deadline for
2022 their decision on the deal
Jan. 28, Illumina offers to cut prices and continue to
2022 allow rivals access to its technologies in a bid
to allay EU antitrust concerns
Feb. 4, EU antitrust regulators temporarily pause for
2022 the second time their investigation into the
deal, while waiting for the companies to provide
details
July 13, The company loses its challenge in Europe's
2022 second-highest court against antitrust scrutiny.
July 19, EU says Illumina risks hefty fine for jumping
2022 the gun on Grail deal
Sept. 1, A U.S. administrative judge rules in favor of
2022 the deal, in a blow to the FTC, which says it
will appeal
Sept. 6, Illumina will have to divest Grail after the EU
2022 blocks the takeover
Oct. 28, EU antitrust regulators renew interim measures
2022 that were due to expire by end of October by
ordering Illumina to keep Grail as a separate
entity
Dec. 13, Illumina defends the deal, pledging to keep
2022 selling its DNA sequencing services to other
firms, as it seeks to head off a potential vote
by U.S. antitrust regulators to kill the deal
Jan. 10, Illumina challenges the EU antitrust
2023 order to keep biotech firm Grail separate,
ratcheting up its fight against the bloc's
regulators
Feb. 8, The company takes its case to senior EU and
2023 national antitrust officials at a closed hearing
to argue an antitrust order to divest Grail
March Billionaire investor Carl Icahn launches proxy
13, 2023 fight at Illumina and pushes for three board
seats, criticizing the deal
April 3, The FTC orders Illumina to divest Grail, finding
2023 that the deal would stifle competition in the
U.S. market for cancer tests
April A U.S. appeals court says it will accelerate
19, 2023 reviewing Illumina's challenge to the FTC order
May 25, Carl Icahn secures a seat for one of his three
2023 nominees on Illumina's board, a partial victory
for the activist investor
June 2, Illumina says it has expanded its board, adding
2023 two C-suite executives
June 5, Illumina files an appeal against the FTC's
2023 order, arguing that the agency "violated due
process by depriving Illumina and Grail of a
fair proceeding before an impartial tribunal"
June 11, Illumina CEO Francis deSouza steps down, and the
2023 company names General Counsel Charles Dadswell
as interim CEO.
July 12, EU fines
2023 record
$476 million antitrust penalty
Sources: Company statements, Reuters reports
(Reporting by Sriparna Roy and Pratik Jain in Bengaluru; Editing by Anil D'Silva, Paul Simao and Sriraj Kalluvila)
