The EU blocked Illumina’s acquisition of Grail, just days after the American life-sciences company won its case to do so in the U.S.
The fate of the acquisition has emerged as an early test case for regulators in the U.S. and EU who have vowed to scrutinize mergers more closely after years allowing many corporate combinations.
The action is a significant intervention by the European competition authority in a case that involves a U.S. company—Grail—with no current revenue inside the bloc. He added it wasn’t unusual for the EU, which is known to aggressively pursue antitrust enforcement, to weigh in on a transaction involving two U.S. companies so long as it has jurisdiction.
“Illumina can make Grail’s lifesaving, multicancer early detection test more available, more affordable, and more accessible—saving lives and lowering healthcare costs,” said Charles Dadswell, Illumina’s general counsel. San Diego-based Illumina, which makes and sells genetic-sequencing machines and the chemicals those machines use, founded Grail and spun off a majority of the business in 2017, retaining a minority stake.
The European Commission said Illumina is the only suitable supplier of the genetic-sequencing systems that are used by Grail and its rivals.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia’s Nord Stream Pipeline Closure Lands Economic Blow Against EuropePower prices surged, European currencies hit multidecade lows and governments scrambled to contain the economic hit after Russia cut its main natural-gas pipeline to Europe.
Read more »
Ukraine's Kherson Counteroffensive Advances; Euro Drops After Russia Gas HaltEuropean markets are feeling the fallout from the war in Ukraine, with the euro falling below 99 cents after Russia shut off its gas supply pipeline to Europe.
Read more »
Euro Drops Below 99 Cents as Russia Cuts Main Gas Line; Ukraine's Kherson Counteroffensive AdvancesEuropean markets are feeling the fallout from the war in Ukraine, with the euro falling below 99 cents after Russia shut off its gas supply pipeline to Europe.
Read more »
BLACKPINK Announces Finalized Dates and Venues For 2022 World Tour “BORN PINK”BLACKPINK has announced the finalized dates and venues for the North American and European legs of their upcoming world tour! On September 6, YG Entertainment officially revealed the details for BLACKPINK’s 2022 tour stops for “BORN PINK,” which will take them to North America and Europe this year before heading to Asia, the Middle East,
Read more »
EU plans to build firefighting fleet faster after summer of climate crisesThe European Union and its member states agreed on Monday to speed up plans to establish an EU fleet of firefighting aircraft, after rampaging wildfires across Europe this summer exhausted the bloc's capacity to respond.
Read more »
Illumina’s Deal to Buy Cancer-Test Developer Is Blocked by the EUThe European Union’s antitrust regulator says the acquisition of Grail would stifle innovation and reduce choice in the blood-test market, putting a $7.1 billion merger into jeopardy after a U.S. judge allowed it to proceed.
Read more »