EC Adopts Interim Measure, Tells Grail To Work On Alternatives To Illumina Deal

The European Commission (EC) told Grail to "actively work" on alternatives to its acquisition by Illumina Inc ILMN if the takeover is ultimately blocked in the internal market.
Related Link: Illumina Completes Grail Buyout Despite Uncertainty In Regulatory Process.
The unprecedented order is part of binding measures that EU competition chief Margrethe Vestager imposed on Illumina following its completion of the Grail acquisition despite an ongoing antitrust probe.
The premature completion of the deal has "put at risk" the effectiveness of EU merger control enforcement, Vestager said.
Under the measures, Grail must remain separate from Illumina and have independent management acting in the interest of Grail.
The parties cannot share confidential business information, and their business interactions should be "at arm's length," meaning that Grail shouldn't get better treatment compared with its competitors, the Commission said.
The companies can be fined up to 10% of global revenue if they don't comply.
European Commission's review is currently set to run until February 4, 2022.
Price Action: ILMN shares are down 0.14% at $412.19 during the market session on the last check Friday.

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