Illumina Acquisition of Grail is Subject of SEC Probe

Illumina received notice in July that the Securities and Exchange Commission (SEC) was conducting an investigation into the company’s acquisition of Grail, requesting documents from the company over the beleaguered acquisition.

The SEC, Illumina said, is seeking “certain statements and disclosures concerning GRAIL, its products and its acquisition, and related to the conduct and compensation of certain members of Illumina and GRAIL management.” Illumina spun off Grail six years ago and then reacquired it in August 2021 for $8 billion.

The acquisition has faced significant opposition, earlier this year the Federal Trade Commission (FTC) ordered Illumina to divest itself of Grail. However, in June, states attorneys general from a dozen states supported Illumina’s appeal of that FTC order saying the FTC action was an example of “overreach” by the commission.

Illumina says it is cooperating with the SEC in its investigation.

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