Illumina Forced to Divest GRAIL Amid Antitrust Concerns and Investor Lawsuit

The biotech company faces significant financial losses and a class action lawsuit alleging fraudulent motives behind the acquisition.

Illumina, Inc. is being forced to divest GRAIL, a cancer screen developer, following a court ruling that the acquisition was anticompetitive.
The divestiture is expected to incur significant costs, with the European Commission already fining Illumina about $471 million for proceeding with the acquisition.
Alongside the divestiture, a new securities class action lawsuit has been filed against Illumina and its executives, expanding the alleged fraudulent period by nearly two years.
The lawsuit alleges that Illumina's insiders had personal financial motives for acquiring GRAIL, and that these interests did not align with the company's best interests.
The alleged class period is now August 18, 2021 through October 16, 2023, with a lead plaintiff deadline of January 9, 2024.