Illumina, Inc. (ILMN) announced on Tuesday that the €432 million fine levied by the European Commission in relation to the GRAIL acquisition is no longer enforceable, following a favorable judgment from the European Court of Justice (ECJ).The provider of DNA sequencing and array-based technologies highlighted that the court determined the European Commission lacked the jurisdiction to challenge Illumina’s acquisition of GRAIL.The company asserted that this judgment affirms its long-held position that the European Commission overstepped its authority in attempting to regulate this merger. Consequently, the rationale for the €432 million fine has been nullified.The conflict began in 2021 when Illumina advanced with acquiring cancer test developer GRAIL while EU regulators were still assessing the potential competitive implications. In September 2022, the Commission prohibited the acquisition, citing concerns that it would limit competition in the nascent market for blood-based early cancer detection tests.Nonetheless, Illumina and GRAIL finalized the merger amidst the ongoing investigation, failing to secure approval from Brussels and violating EU merger control regulations.Last year, Illumina was hit with a record fine and ordered by the Commission to divest GRAIL. By December, Illumina announced it would comply by divesting GRAIL through a third-party sale or capital markets transaction, aligning with the Commission’s divestiture directive. This divestiture plan subsequently received Commission approval earlier this year.In the United States, on August 15, the FTC Commissioners dismissed the case against Illumina and GRAIL following GRAIL’s successful spin-off, thereby concluding the US legal proceedings.In June 2024, GRAIL became a public company, trading on Nasdaq under the ticker symbol “GRAL.” Illumina retains a minority stake of 14.5% in GRAIL and will continue to support the company with its sequencing technology and suite of services.The material has been provided by InstaForex Company – www.instaforex.com
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