Illumina Announces Decision to Divest GRAIL

About this update from Illumina, Inc.

[{"type":"text","content":"SAN DIEGO, Dec. 17, 2023 /PRNewswire/ -- Today, Illumina, Inc. (NASDAQ: ILMN) announced that the company will divest GRAIL.\n\nThe divestiture will be executed through a third-party sale or capital markets transaction, consistent with the European Commission's divestiture order, with the goal of finalizing the terms by the end of the second quarter of 2024.\nOn December 15, the U.S. Fifth Circuit Court of Appeals issued its decision in the matter of Illumina v. the Federal Trade Commission. Following a review of the Court's opinion, Illumina has elected not to pursue further appeals of the Fifth Circuit's decision. As the company has previously stated, if it was not successful with either its European Court of Justice jurisdictional appeal or in a final decision of the Fifth Circuit, it would divest GRAIL.\n\"We are committed to an expeditious divestiture of GRAIL in a manner that allows its technology to continue benefitting patients,\" said Jacob Thaysen, CEO of Illumina. \"The management team and I continue to focus on our core business and supporting our customers. I am confident in Illumina's opportunities and our long-term success.\"\nCautionary Note on Forward-Looking StatementsThis release may contain forward-looking statements that involve risks and uncertainties.\nAmong the important factors to which our business is subject that could cause actual results to differ materially from those in any forward-looking statements are: (i) our ability to agree on a divestment plan with the European Commission pursuant to the divestment order it has issued; (ii) our ability to timely execute a strategic alternative that maximizes the value of GRAIL to our stockholders given the parameters required by the divestment order; (iii) the risk that ongoing legal proceedings challenging the decisions of the European Commission and the U.S. Federal Trade Commission do not result in favorable outcomes for us; (iv) the risk that distractions associated with the potential divestment of GRAIL and associated legal proceedings or regulatory obligations will harm our business, including current plans and operations, together with other factors detailed in our filings with the Securities and Exchange Commission, including our most recent filings on Forms 10-K and 10-Q, or in information disclosed in public conference calls, the date and time of wh...

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