Illumina Announces Decision to Divest GRAIL

Rhea-AI Summary

Illumina, Inc. (NASDAQ: ILMN) announced the divestiture of GRAIL, in compliance with the European Commission's order, aiming to finalize the terms by Q2 2024. The company will not pursue further appeals after the U.S. Fifth Circuit Court of Appeals decision. Jacob Thaysen, CEO, expressed confidence in Illumina's core business and long-term success.

SAN DIEGO, Dec. 17, 2023 /PRNewswire/ -- Today, Illumina, Inc. (NASDAQ: ILMN) announced that the company will divest GRAIL.

The divestiture will be executed through a third-party sale or capital markets transaction, consistent with the European Commission's divestiture order, with the goal of finalizing the terms by the end of the second quarter of 2024.

On December 15, the U.S. Fifth Circuit Court of Appeals issued its decision in the matter of Illumina v. the Federal Trade Commission. Following a review of the Court's opinion, Illumina has elected not to pursue further appeals of the Fifth Circuit's decision. As the company has previously stated, if it was not successful with either its European Court of Justice jurisdictional appeal or in a final decision of the Fifth Circuit, it would divest GRAIL.

"We are committed to an expeditious divestiture of GRAIL in a manner that allows its technology to continue benefitting patients," said Jacob Thaysen, CEO of Illumina. "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."

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 (Twitter), Facebook, LinkedIn, Instagram, TikTok and YouTube.

Investors:
Salli Schwartz
858-291-6421
IR@illumina.com

Media:
David McAlpine
347-327-1336
PR@illumina.com

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SOURCE Illumina, Inc.

FAQ

What did Illumina announce regarding GRAIL divestiture?

Illumina, Inc. announced the divestiture of GRAIL.

What is the ticker symbol for Illumina, Inc.?

The ticker symbol for Illumina, Inc. is ILMN.

When does Illumina aim to finalize the terms of the divestiture?

Illumina aims to finalize the terms by the end of the second quarter of 2024.

What decision did the U.S. Fifth Circuit Court of Appeals issue in the matter of Illumina v. the Federal Trade Commission?

The U.S. Fifth Circuit Court of Appeals issued its decision not to pursue further appeals after the U.S. Fifth Circuit's decision.

Who is the CEO of Illumina?

Jacob Thaysen is the CEO of Illumina.

What is Illumina's focus following the decision?

The management team and Jacob Thaysen, CEO, continue to focus on the company's core business and supporting its customers.