- The shares of Illumina (NASDAQ:ILMN) lost ~3% in the pre-market Wednesday after a top European court upheld a decision by the EU’s competition authority to review the company’s $8B acquisition of cancer test developer Grail.
- The General Court of the European Union, the bloc’s second-highest judicial body agreed that the cash and stock deal that Illumina (ILMN) announced in 2020 is subject to EU scrutiny even though it did not meet the EU’s traditional, revenue-based criteria for review.
- "The Commission has the competence to examine that concentration which did not have a European dimension or fall within the scope of the national merger control rules of member states of the European Union or states party to the agreement on the European Economic Area," the General Court noted.
- Illumina (ILMN) said the company would appeal the ruling to the region’s highest judicial body, the Court of Justice of the European Union.
- In September, the European Commission announced actions against Illumina (ILMN) for closing the Grail acquisition early while it was under the review of the EU regulators.
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