US life sciences company Illumina’s offer to cut prices and allow rivals continued access to its technologies has “yet to convince” EU antitrust regulators scrutinising its $8 billion cash-and-stock bid for Grail, reported Reuters.
Such doubts could mean that Illumina may have to sweeten its package of proposed remedies if it wants to win EU approval for the acquisition of the cancer detection test maker which it completed last August. Illumina has kept Grail as a separate company prior to regulatory approval.
The European Commission declined to comment, saying its investigation was ongoing, while Illumina said it was working constructively with the EU competition enforcer in order to resolve their doubts or concerns.
Grail is one of the world’s foremost makers of Cancer detection tests, with its ‘Galleri’ test being used to detect up to 50 types of cancer before symptoms appear. The company was originally part of Illumina, until it was spun off in 2016.
“The submitted remedies underscore our commitment to our oncology customers, to whom we have guaranteed continued supply of our products, equal access to technology, and a significant decrease in prices,” the company said in a statement.
“Illumina will accelerate the adoption of GRAIL’s test in Europe years faster than GRAIL could on its own, saving tens of thousands of lives in the EEA (European Economic Area) and billions of euros in healthcare costs.”
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