Pharma BD Deal Intelligence
Illumina closed its $7.1B acquisition of GRAIL on August 18, 2021 while EU regulatory review was still pending, gaining the Galleri multi-cancer early detection test. The premature closing triggered a multi-year antitrust fight: the European Commission prohibited the deal and in July 2023 fined Illumina EUR 432M for gun-jumping, and the US FTC litigated to unwind it. Illumina ultimately divested GRAIL via spin-off on June 24, 2024, distributing 85.5% of GRAIL shares to Illumina shareholders and retaining a 14.5% minority stake; GRAIL began trading on Nasdaq as 'GRAL' on June 25, 2024. The FTC then dismissed its case on August 15, 2024. On September 3, 2024 the European Court of Justice ruled the Commission never had jurisdiction over the deal, removing the basis for the EUR 432M fine ("no longer payable"), and the Commission withdrew its decisions on September 6, 2024. Net outcome: the acquisition was reversed and GRAIL is again an independent public company, but Illumina escaped the headline fine on jurisdictional grounds.