FTC orders Illumina to divest $7.1 billion acquisition of cancer test developer Grail

The Federal Trade Commission ordered Illumina to divest its controversial acquisition of cancer test developer Grail.The decision reverses an administrative judge's September ruling that dismissed the FTC's initial challenge of the $7.1 billion deal.Francis deSouza, chief executive officer of Illumina Inc., during a panel session on day three of the World Economic Forum in Davos, Switzerland, on Thursday, Jan. 19, 2023.

Illumina said in a statement that it intends to appeal the FTC's decision in federal court and will seek an expedited decision. Illumina said last month it has challenged the European Commission, arguing the agency lacks jurisdiction to block the merger between the two U.S. companies.

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FTC Rejects Illumina’s $7 Billion Deal for Cancer-Test Developer GrailThe FTC rejected Illumina’s $7 billion deal for Grail, saying the combination would hurt competition for cancer-detection tests while raising prices Awesome! We finally have people at FTC doing what it takes to preserve competition. Biz school grads will now have to figure out how to make things work in truly competetive markets. The long run benefits of this new dynamic are so valuable. 🎉🎉🥳🪅🪅🥳🥳🥳🥳🥳
Source: WSJ - 🏆 98. / 63 Read more »