E Point Perfect

European Union Renews Order for Illumina to Keep Grail as Separate Entity


Illumina campus in San Diego
A sign on Illumina’s campus in San Diego. Reuters/Mike Blake

European Union antitrust regulators on Friday renewed interim measures ordering San Diego life sciences company Illumina to keep Grail as a separate entity pending an order to unwind the takeover completed before the deal had been approved.

The interim order, which was due to expire at the end of the month, was issued by the competition enforcer last year after Illumina jumped the gun and acquired Grail before securing the EU green light.

The EU subsequently vetoed the deal on Sept. 6.

“The European Commission has renewed and adjusted, under the EU Merger Regulation, the interim measures that ensure that Illumina and GRAIL remain separate following the Commission’s decision to block the merger,” the EU watchdog said in a statement.

Under the interim measures, Grail must be run by independent managers exclusively in the interest of the company and it cannot share confidential business information with Illumina, though there could be very limited exceptions with safeguards.

Illumina, which has challenged the Commission’s veto, will be required to provide funds for Grail to develop cancer detection tests it has in the pipeline.

Failure to comply would trigger penalty payments up to 5% of Illumina’s average daily turnover.


Source link

Related posts

MarketInk: 50 Years Ago, Laurie Singer Was San Diego’s First Female Television Sportscaster

SeaWorld Conservation Fund Makes 10 Emergency Grants to Help Wildlife Organizations Impacted by Hurricane Ian

Rain, Thunderstorms Expected Over San Diego County

Winter Storm on Way Out of San Diego Region, With Warming Trend Ahead

Smuggler Pleads Guilty to Fatal Christmas Day Crash That Killed Migrant

Man Faces First-Degree Murder Charge in Shooting Death of Eric Carroll, 26