Samsung and SK Hynix Shares Jump After Micron Earnings Boost AI Chip Optimism 
Meta Reportedly Developing ‘Arena’ Prediction Market App to Rival Polymarket and Kalshi 
SK Hynix Targets $29.4 Billion Nasdaq Listing to Expand AI Chip Business 
Apple Supplier Stocks Slide as Samsung, SK Hynix Lead Selloff After Apple Price Hikes 
Alibaba Shares Fall After Anthropic Alleges Massive AI Model Distillation Campaign 
Fortescue Faces Class Action Over Sexual Harassment Claims at Australian Mining Sites 
Anthropic AI Model Uncovers Vulnerabilities in Classified U.S. Government Systems During Security Test 
Pelosi Discloses Major Intel and Uber Call Option Purchases Worth Up to $6 Million 
Samsung, SK Hynix to Unveil Record AI and Semiconductor Investment Plans Worth Over $646 Billion 
Doncasters Raises $919 Million in NYSE IPO as Aerospace Growth Accelerates 
Johns Hopkins University Lays Off 110 Employees as Federal Research Funding Declines 
Alphabet Replaces Verizon in Dow Jones Industrial Average 
OpenAI May Delay IPO to 2027 Amid $1 Trillion Valuation Goal 
OpenAI IPO Delay Weighs on SoftBank Shares as AI Valuation Concerns Grow 
Heineken Names JDE Peet’s CEO Rafael Oliveira as New Chief Executive 
Bain Capital Nears Deal for Majority Stake in Volkswagen Marine Engine Unit Everllence 
Kioxia Targets U.S. Listing as AI Chip Boom Accelerates 
Illumina Inc. is selling its cancer test developer, Grail, following its series of antitrust conflicts. The company is a known maker of gene-sequencing machines, and on Sunday, Dec. 17, it revealed its decision to divest this unit, which it bought in 2021 for $7.1 billion.
According to The New York Times, Illumina's move to divest its Grail unit came two days after the company recently lost in a court battle. It made an appeal, but the federal court largely sided with the Federal Trade Commission when it upheld the antitrust regulator's ruling that Illumina must sell its Grail on antitrust grounds.
Obstruction in Europe
It was reported that Illumina's deal for Grail was also not cleared in Europe, and it has, in fact, faced a roadblock there, too. In September last year, the EU said it would block the acquisition. The company publicly admitted that it had been unsuccessful with its appeals for the Grail deal, and this has led to the decision to divest the start-up.
At any rate, the company's troubles started when it went ahead and purchased the cancer test developer despite the complaint from the U.S. FTC. The commission argued that the buyout would reduce innovation in the American market as well as increase prices.
Execution of Illumina's GRAIL's Sale
The biotechnology company, headquartered in San Diego, California, said that its sale of GRAIL is set to be executed via a third-party or capital markets transaction that is in line with the European Commission's (EU) divestiture order. Illumina aims to finalize the terms of the deal by the end of the second quarter of 2024.
"We are committed to an expeditious divestiture of GRAIL in a manner that allows its technology to continue benefitting patients," Illumina's chief executive officer, Jacob Thaysen, said in a press release. "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."
Photo by: Illumina Press Release
