Pharma BD Deal Intelligence
A $7.1B cash-and-stock reunion that let Illumina reclaim the Galleri multi-cancer early detection test it had spun out in 2016. The deal closed over FTC and European Commission objections, but antitrust pressure ultimately forced a full divestiture of GRAIL in June 2024.
Illumina entered into a definitive agreement to acquire GRAIL for cash and stock consideration of $8 billion, consisting of $3.5 billion in cash and…
GRAIL (Nasdaq: GRAL) submitted the final module of its Premarket Approval (PMA) application to the U.S. FDA for the Galleri multi-cancer early detection test…
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Illumina acquired GRAIL for approximately $7.1 billion in cash and stock, gaining GRAIL's Galleri multi-cancer early detection blood test. Illumina had originally spun GRAIL out in 2016. The deal was completed despite opposition from the FTC and European Commission; Illumina was ultimately ordered to divest GRAIL in 2023 and completed the divestiture in June 2024.
1.9M US cases/yr · $1.9B Global MCED Market (2024)
Multi-cancer early detection (MCED) tests are blood-based assays that interrogate circulating cell-free DNA (cfDNA) methylation patterns, fragmentomics, or mutations to screen for dozens of cancer types from a single draw, many without recommended population-level screening. Key performance parameters include specificity (to limit false positives across many cancers), sensitivity (especially for early-stage disease), and cancer signal origin prediction to direct diagnostic workup. MCED remains investigational from a regulatory and reimbursement standpoint, with ongoing outcomes studies including NHS-Galleri and PATHFINDER.
GRAIL (Galleri) >40% share. Exact Sciences, Guardant Health, and Freenome competing. Regulatory and reimbursement pathways still evolving.
Illumina, Inc. completed its acquisition of GRAIL, Inc. for $8B. Illumina acquired GRAIL for approximately $7.1 billion in cash and stock, gaining GRAIL's Galleri multi-cancer early detection blood test.
FTC reversed ALJ dismissal, finding deal anticompetitive and ordering divestiture.
Court found substantial evidence of anticompetitive harm; vacated order on procedural grounds.
Illumina committed to divesting GRAIL, ending two-year antitrust battle. Part of Illumina, Inc.'s $8B deal to acquire GRAIL, Inc..
Illumina completed spin-off, distributing 85.5% of GRAIL shares. GRAIL trades as GRAL.
As a standalone company post-divestiture, GRAIL submitted the final module of its FDA Premarket Approval application for the Galleri multi-cancer early-detection test, backed by PATHFINDER 2 and the NHS-Galleri randomized trial.
Antitrust Forced Full Unwind. Assessment of Illumina, Inc.'s $8B acquisition of GRAIL, Inc. and its strategic outcomes.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Illumina, Inc. / GRAIL, Inc. (this deal) | 2020 | $8.0B | 36 |
| Illumina, Inc. / Amgen Inc. | 2020 | — | 56 |
| Illumina, Inc. / GRAIL, Inc. | 2021 | $7.1B | — |
| AstraZeneca PLC / Daiichi Sankyo Company, Limited | 2019 | $6.9B | 100 |
| Novartis AG / Endocyte, Inc. | 2018 | $2.1B | 96 |
| Astellas Pharma Inc. / Seagen Inc. | 2009 | $4.5B | 95 |
| Bristol-Myers Squibb Company / Medarex Inc. | 2009 | $2.4B | 92 |
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