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.
Featured News
Turkey Fines Meta $10.4 Million for Abusing Market Dominance
May 6, 2024 by
CPI
Canadian Watchdog Launches Inquiry into Lululemon’s Greenwashing Practices
May 6, 2024 by
CPI
Massachusetts Supreme Court Deliberates Ballot Redefining Gig Worker Status
May 6, 2024 by
CPI
European Commission Approves Nippon Steel’s $14.9 Billion Buyout of U.S. Steel
May 6, 2024 by
CPI
Banco Sabadell Rejects Rival BBVA Merger Proposal
May 6, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI