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    ILMN   US4523271090

ILLUMINA, INC.

(ILMN)
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Illumina to buy Jeff Bezos-backed cancer testing firm Grail in £6.23 billion deal

09/21/2020 | 12:23pm EDT
FILE PHOTO: A new office building housing genetic research company Illumina is shown in San Diego, California

Illumina Inc said on Monday it would buy cancer screening startup Grail Inc in a cash-and-stock deal worth $8 billion (£6.23 billion), buying out investors including Jeff Bezos and snatching back a business it spun out four years ago.

Grail is developing a liquid biopsy, a blood test intended to diagnose cancers at early stages when the disease is easier to treat. The company has said it expects to launch its flagship test Galleri in 2021, betting on a market expected to grow rapidly in coming years.

Grail was founded by Illumina as a separate company in 2016 and had since raised about $2 billion, with investors including the founders of Amazon.com Inc and Microsoft. Illumina remained its largest shareholder, owning about 14.5% of its outstanding shares. Illumina Chief Executive Francis deSouza said in an interview that he began speaking to his board early this year about acquiring Grail after the start-up released promising data on its experimental diagnostic. "From our perspective, early detection of cancer is the largest application of genomics for the next decade, decade and a half," he said. Many cancers, like ovarian cancer, are difficult to diagnose and often only caught when the disease has spread to other areas of the body, when it is far deadlier. If a blood test can effectively detect these cancers earlier, it could significantly improve the prognosis for many patients.

Analysts have forecast a future market for liquid biopsies as high as $130 billion in the United States alone.However, the technology is still experimental and must demonstrate efficacy in clinical trials before being approved by regulators.

Illumina shares fell 8.3% to $271.07, as some analysts questioned the deal's rationale.

"We don't see the clear fit for acquiring a company that is still at a stage where clinical studies and clinical product development are still critical and will be for years," Cowen analyst Doug Schenkel said in a research note.DeSouza attributed the stock reaction to the deal's cost. "It's just a big deal. The numbers are large and so investors want to process what this means," he said. DeSouza said the deal fits into Illumina's long-term strategy of developing next generation technology that uses human genetics to improve patients' lives.

By Manojna Maddipatla and Rebecca Spalding


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 0.95% 3415.25 Delayed Quote.4.86%
ILLUMINA, INC. -1.42% 445.41 Delayed Quote.20.38%
MICROSOFT CORPORATION -0.38% 257.38 Delayed Quote.16.16%
All news about ILLUMINA, INC.
06/14INSIDER TRENDS : 90-Day Insider Selling Trend Prolonged at Illumina
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06/14INSIDER TRENDS : Selling By Insiders Lingers at Illumina
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06/01ILLUMINA  : Evercore ISI Upgrades Illumina to In-Line From Underperform
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06/01ILLUMINA  : Supports Nationwide Program across Belgium to Assess Whole Genome Se..
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05/31ILLUMINA  : and Next Generation Genomic Partner to Launch VeriSeq™ NIPT So..
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05/28Illumina Battles U.S., European Antitrust Enforcers on Grail Deal -- Update
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05/28Illumina Battles U.S., European Antitrust Enforcers on Grail Deal
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05/28ILLUMINA, INC.  : Submission of Matters to a Vote of Security Holders (form 8-K)
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05/27INSIDER TRENDS : Illumina Insider Gets Shares Award Sells Portion for Taxes
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05/27INSIDER TRENDS : Insider at Illumina Receives Shares Award Uses Portion to Pay T..
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Financials (USD)
Sales 2021 4 154 M - -
Net income 2021 714 M - -
Net cash 2021 1 672 M - -
P/E ratio 2021 91,1x
Yield 2021 -
Capitalization 65 030 M 65 030 M -
EV / Sales 2021 15,3x
EV / Sales 2022 13,5x
Nbr of Employees 7 825
Free-Float 74,7%
Chart ILLUMINA, INC.
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Technical analysis trends ILLUMINA, INC.
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Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 22
Average target price 414,21 $
Last Close Price 445,41 $
Spread / Highest target 16,7%
Spread / Average Target -7,00%
Spread / Lowest Target -32,6%
EPS Revisions
Managers and Directors
NameTitle
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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