- Illumina Inc ILMN said it received a favorable initial decision from the judge overseeing the U.S. Federal Trade Commission's challenge to the Grail transaction.
- The company said Administrative Law Judge Michael Chappell "ruled for Illumina and rejected the FTC's position that the deal would adversely affect competition in a putative market for multi-cancer early detection (MCED) tests."
- "As we've stated from the outset, this transaction is procompetitive, will advance innovation, lower healthcare costs and save lives. We are pleased that, after considering the evidence, the ALJ has reached the same conclusion," said Charles Dadswell, Illumina general counsel.
- In the antitrust action, the FTC had argued that Grail competitors rely on Illumina's DNA sequencers that dominate the market.
- Illumina announced plans to acquire Grail in late 2020 for approximately $8 billion. The FTC said in March 2021 that it would challenge the deal and was joined later by European competition regulators.
- The European Commission has since expanded its investigation of the deal.
- In August 2021, Illumina pushed through the acquisition while vowing to operate Grail separately until any legal issues were resolved.
- Price Action: ILMN shares are up 1.19% at $203.00 during the premarket session on the last check Friday.
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