"Illumina announced the sale of the Grail division due to antitrust issues: What does this mean for the future of genomics?

Illumina

ILMN

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Illumina Inc, a San Diego, California-based company specializing in the development of gene sequencing products, announced Sunday its intention to sell its recently acquired Grail division due to antitrust concerns. The decision follows a Friday opinion from a federal appeals court that labeled Grail's $7.1 billion acquisition of the company in 2021 a violation of competition rules.

CEO Jacob Thaysen said in a statement that the company is committed to selling the Grail division quickly so that the division's technology can continue to benefit patients. Thaysen further stressed the company's unwavering commitment to its existing obligations and clients, with an emphasis on core business and customer support. He also expressed his belief in Illumina's capabilities and long-term success. Illumina plans to complete the sale process of the Grail division by the end of the second quarter of 2024.

The Grail division, which developed a pioneering blood test for detecting early signs of cancer, was a key element of the company's plan to expand its global presence in genomics.

How do you think future antitrust issues and federal appeals court decisions may affect future innovation and competition in the industry?