EU Fines Illumina Record $476 Million For Closing Grail Acquisition Without Approval

Illumina acquired cancer screening company Grail without securing EU antitrust approval and was fined a record $476 million.
European Commission said the premature acquisition allowed Illumina to gain decisive influence over Grail.
Illumina weighed potential fine against profits but EU said the fine was warranted due to intentional breach of rules.
Illumina plans to appeal the fine, calling it disproportionate, but will divest Grail if appeal fails.
Acquisition caused turmoil at Illumina, including resignations of CEO and chairman, and sparked proxy battle with activist investor.