On Monday the European Union mapped out the details of requiring Illumina to unwind its $7.1 billion acquisition of cancer-test developer Grail, reported Reuters.
In September European Commission prohibited the acquisition over concerns that it would have stifled innovation and hurt consumer choice. Illumina completed the acquisition in August 2021.
Related: EU Orders Illumina To Keep Grail As A Separate Entity
In a statement of objections issued on Monday, the commission said Illumina will have to swiftly restore Grail’s independence and return it to the same level that existed before the acquisition. Grail must also be as competitive after the divestment as it was before the deal closed, the commission said.
Until the transaction is fully unwound, the two companies must remain separate and Illumina must maintain Grail’s viability as a company, the commission’s statement said.
Both companies will have the opportunity to respond to the Commission’s decision before it becomes binding.
