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    ILMN   US4523271090

ILLUMINA, INC.

(ILMN)
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Illumina : U.S. lawmakers question FTC's efforts to stop Illumina's deal for Grail

09/02/2021 | 05:55pm EST
FILE PHOTO: The offices of gene sequencing company Illumina Inc are shown in San Diego, California

WASHINGTON (Reuters) - Two Republican lawmakers on Thursday questioned the Federal Trade Commission's efforts to unwind life science company Illumina Inc's $7.1 billion acquisition of Grail Inc, alleging the regulator was not following a normal path in its work.

Members of Congress Jim Jordan and Darrell Issa wrote in a letter to FTC Chair Lina Khan that agency actions related to the deal require congressional oversight, demanding documents related to the FTC's work.

"The FTC's approach to the Illumina-GRAIL merger departs from its typical enforcement process and raises questions about the Commission's interference in the case," the Sept. 2 letter said.

The FTC confirmed it received the letter but declined further comment.

Among their complaints, the members of Congress alleged that the FTC filed for an injunction in federal court to give it time to litigate the case before the FTC's own internal administrative court "to avoid speedily resolving novel legal issues under U.S. law in a forum - federal district court - where the FTC was more likely to lose."

The FTC has argued that cancer test detection company Grail and its competitors rely on San Diego, California-based Illumina's DNA sequencing technology. They alleged that Illumina's purchase of Grail would give the company the "incentive and ability to foreclose downstream rivals."

(Reporting by Chris Sanders; Editing by Mark Porter)


ę Reuters 2021
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Analyst Recommendations on ILLUMINA, INC.
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Financials (USD)
Sales 2021 4 424 M - -
Net income 2021 673 M - -
Net Debt 2021 225 M - -
P/E ratio 2021 84,4x
Yield 2021 -
Capitalization 57 742 M 57 742 M -
EV / Sales 2021 13,1x
EV / Sales 2022 11,5x
Nbr of Employees 7 825
Free-Float 79,8%
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Mean consensus HOLD
Number of Analysts 16
Last Close Price 369,43 $
Average target price 441,73 $
Spread / Average Target 19,6%
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Managers and Directors
Francis A. deSouza President, Chief Executive Officer & Director
Sam A. Samad Chief Financial Officer & Senior Vice President
John Wendell Thompson Chairman
Phillip G. Febbo Chief Medical Officer
Alex Aravanis CTO, Head-Research & Product Development
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