Illumina, Inc., a global leader in DNA sequencing and array-based technologies, announced it has received approval of its divestment plan for GRAIL from the European Commission.
SAN DIEGO, April 12, 2024 /PRNewswire/ -- Illumina, Inc. (NASDAQ: ILMN), a global leader in DNA sequencing and array-based technologies, today announced it has received approval of its divestment plan for GRAIL from the European Commission (EC).
While this does not mean the method of divestment has been finalized, the company is pleased to reach an agreement with the EC on specific divestment options as it represents an important milestone in the process. Illumina continues to explore divesting GRAIL through either a trade sale or a capital markets transaction, each of which are contemplated by the plan approved today. In the event of a capital markets transaction, Illumina must capitalize GRAIL with two-and-a-half years of funding, which is estimated at approximately $1 billion based on GRAIL’s long-range plan.
Illumina looks forward to working with the EC on approval of final terms consistent with the divestment plan. As previously stated, Illumina has a goal of finalizing those terms by the end of the second quarter of 2024.
Cautionary Note on Forward-Looking Statements
This release may contain forward-looking statements that involve risks and uncertainties.
Among 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 which are released beforehand. We undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts’ expectations, or to provide interim reports or updates on the progress of the current quarter.
Cautionary Note on Statements of Opinion
In addition to forward-looking statements, this release contains statements of opinion with which all may not agree.
About Illumina
Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as a global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical, and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture, and other emerging segments. To learn more, visit illumina.com and connect with us on X, Facebook, LinkedIn, Instagram, TikTok and YouTube.
Investors:
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SOURCE Illumina, Inc.
Company Codes: NASDAQ-NMS:ILMN
