Why Illumina (ILMN) Shares Are Falling Today - Illumina (NASDAQ:ILMN)

The Federal Trade Commission has ordered Illumina Inc ILMN to divest Grail Inc, saying that the deal would stifle competition and innovation in the U.S. market for cancer tests.
Billionaire activist Carl Icahn is preparing a proxy fight at Illumina, saying the company went ahead with the controversial acquisition of Grail Inc despite opposition from regulators, costing shareholders $50 billion.
The Commission found that the acquisition would diminish innovation in the U.S. market for multi-cancer early detection (MCED) tests while increasing prices and decreasing the choice and quality of tests.
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Illumina will appeal the FTC's decision and seeks to arrive at a resolution by late 2023 or early 2024, the company said in a statement.
“Winning both appeals would maximize value for shareholders. It enables Illumina to expand the availability, affordability and profitability of the groundbreaking Galleri test in the $44-plus billion multi-cancer screening market. It also protects Illumina's ability to optimize a future divesture should that be in the best interest of shareholders," Illumina said in the statement.
The FTC order follows a 4-0 vote from its commission.
Price Action: ILMN shares are down 2.52% at $226.70 on the last check Monday.

FTC Orders Illumina To Divest Grail, Mounts Pressure On Company Amid Proxy Fight With Icahn