The bill has come due for Illumina’s decision to buy Grail now and apologise later. The $30 billion genetic test maker faces a record European Union fine of 432 million euros ($476 million) for closing the $8 billion deal in 2021, ahead of regulatory approval. Grail, which is developing new cancer screening methods, also faces a first-of-its-kind fine for disregarding the authorities, albeit a symbolic 1,000 euros given its status as the target.
for closing the $8 billion deal in 2021, ahead of regulatory approval. Grail, which is developing new cancer screening methods, also faces a first-of-its-kind fine for disregarding the authorities, albeit a symbolic 1,000 euros given its status as the target.
Illumina, which had already provisioned for the thwack, shouldn’t be surprised. The European Commission is not big on companies flouting its processes. Absent the fact that it would have breached its own 10% of revenues cap for fines, the EU would have charged Illumina 570 million euros, according to an EU official. Even so, while the transatlantic merger saga has already seen the departure of Illumina’s chief executive and chairman, Brussels may yet win the battle and lose the war.
The EU’s ongoing complaint about the Illumina-Grail merger may see it order the deal to be unwound, but it could also get blocked by the courts. Separately, Illumina has launched proceedings over whether the EU has the jurisdiction to opine – if it wins, then its new fine could get overturned. U.S.
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