Expect non-GAAP diluted earnings per share of $2.35 to $2.50 for fiscal year 2022. The FTC has challenged the judges ruling in support of the deal. Reporting by Diane Bartz and David Shepardson in Washington; Additional reporting by Chris Sanders in Bethesda, Maryland; Editing by Bill Berkrot and Josie Kao, China's COVID epicentre shifts to Guangzhou, more lockdowns loom, China reports 7,691 new COVID cases for Nov 7 vs 5,643 a day earlier, New Mexico city passes ordinance to block abortion clinics from operating, GSK's blood cancer drug fails main goal of trial, shares fall, Walgreens-backed VillageMD to buy Summit Health in $9 billion deal, Qiagen Q3 profit down 38% but raises full-year outlook, China reports 5,643 new COVID cases for Nov 6 vs 4,610 a day earlier, Beijing to improve COVID prevention policy operation for residents leaving and returning to city, BioNTech lifts lower end of vaccine sales target range, See here for a complete list of exchanges and delays. The case is In the Matter of Illumina Inc and Grail Inc, Federal Trade Commission Office of Administrative Law Judges, Docket No. The EU subsequently vetoed the deal on Sept. 6. Our Standards: The Thomson Reuters Trust Principles. BRUSSELS (Reuters) -U.S. life sciences company Illumina Inc's proposed acquisition of cancer test maker Grail Inc could curb innovation and competition, EU antitrust regulators warned Thursday as they opened a full-scale investigation. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Credit: REUTERS/Mike Blake. All quotes delayed a minimum of 15 minutes. Our Standards: The Thomson Reuters Trust Principles. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. (Reuters) -Cancer detection test maker Grail, acquired by Illumina Inc last year despite ongoing antitrust challenges, on Tuesday said it would expand use of its flagship Galleri . Deena Beasley. "The European Commission has renewed and adjusted, under the EU Merger Regulation, the interim measures that ensure that Illumina and GRAIL remain separate following the Commission's decision to block the merger," the EU watchdog said in a statement. Sept 20 (Reuters) - Cancer detection test maker Grail, acquired by Illumina Inc (ILMN.O) last year despite ongoing antitrust challenges, on Tuesday said it would expand use of its flagship Galleri test through a new agreement with life insurer John Hancock, a division of Manulife Financial (MFC.TO). By Foo Yun Chee. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Sep 5, 2022 09:08AM EDT. All quotes delayed a minimum of 15 minutes. Ofman declined to comment on the antitrust issues, but noted that Galleri is not currently available in Europe, aside from the UK study. The FTC sought to challenge the acquisition in 2021, arguing Illumina's purchase of GRAIL, which it had previously spun off in 2016, would hurt innovation in the U.S. market for multi-cancer early . BRUSSELS, Oct 28 (Reuters) - EU antitrust regulators on Friday renewed interim measures ordering U.S. life sciences company Illumina to keep Grail as a separate entity pending an order to unwind . The deal would mean Illumina would have no incentive to provide the DNA sequencing to Grail's rivals, or would have an incentive to try to raise their costs, the agency had argued. (Reuters) - Lawyers for Illumina Inc are set to defend the life sciences company's $7.1 billion acquisition of Grail Inc at the U.S. Federal Trade Commission on Tuesday, as European antitrust regulators assail the company for closing the deal without first securing regulatory approval. By Deena Beasley (Reuters) - Cancer detection test maker Grail, acquired by Illumina Inc last year despite ongoing antitrust challenges, on Tuesday said it would expand use of its flagship Galleri cancer diagnostic test through a new agreement with life insurer John Hancock, a division of Manulife Financial. The European Commission's announcement confirmed a Reuters story last week. Failure to comply would trigger penalty payments up to 5% of Illumina's average daily turnover. Pioneering San Diego genomics leader Illumina is in talks with European Union antitrust regulators to divest Grail ahead . All quotes delayed a minimum of 15 minutes. BRUSSELS (Reuters) -U.S. life sciences firm Illumina will have to divest biotechnology company Grail after an EU veto of the $7.1 billion acquisition over concerns it would hurt competition and stifle innovation. The Cravath team includes Christine Varney, a former Obama-era head of the Justice Department's antitrust division. By Foo Yun Chee BRUSSELS (Reuters) -EU antitrust regulators plan to order U.S. life sciences firm Illumina to divest biotechnology company Grail after an EU veto of the $7.1 billion acquisition over concerns it would hurt competition and stifle innovation. It halted its probe into the deal in February while waiting for the court ruling. FTC senior trial counsel Susan Musser, who joined the agency in May 2020 from Hogan Lovells, where she was an associate, is set to deliver the government's opening statement. WASHINGTON (Reuters) -A U.S. administrative judge has ruled in favor of Illumina Inc's acquisition of cancer detection test maker Grail Inc, the U.S. maker of genetic analysis equipment said on . Sidley Austin and DLA Piper lawyers lobbied in the U.S. Congress in support of Illumina's deal with Grail, disclosures showed. The test, designed to detect more than 50 types of cancer before symptoms appear, looks at the DNA in a patient's blood to determine whether any come from cancer cells. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Her critics see it as a power grab that has triggered alarm bells at some national competition agencies. Illumina announced the $8 billion cash-and-stock deal for startup Grail last . Illumina said Monday it expects the European Union to order that recently acquired Grail be held separately while the acquisition is . . We are reviewing the opinion and evaluating our options," she said in a statement. John Hancock said it is the first life insurance carrier to offer, under its wellness program, policyholder access to Grail's early cancer detection test. BRUSSELS, Sept 6 (Reuters) - U.S. life sciences firm Illumina will have to divest biotechnology company Grail after an EU veto of the $7.1 billion acquisition over concerns it would . FTC, Complaint Counsel's Notice of Appeal, September 2, 2022. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Increasing competition has been a mandate of the Biden administration, and the FTC's Director of the Bureau of Competition Holly Vedova said they may challenge the court ruling. The European Commission is concerned that concessions offered by the company are not enough to alleviate antitrust concerns about the deal. Illumina is the only provider of DNA sequencing that . The case is important for EU antitrust chief Margrethe Vestager who wants to expand the European Commission's power to examine acquisitions of startups by big companies that could seek to shut nascent rivals, particularly in tech and pharmaceuticals deals. read more. BRUSSELS (Reuters) - EU antitrust regulators on Friday renewed interim measures ordering U.S. life sciences company Illumina to keep Grail as a separate entity pending an order to unwind the takeover completed before the deal had been approved. COVID-19 vaccine maker BioNTech on Monday raised the lower bound of its 2022 COVID-19 vaccine revenue guidance for the full year, citing demand for its adapted shots and higher prices. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. BRUSSELS (Reuters) - U.S. life sciences company Illumina's offer to cut prices and allow rivals continued access to its technologies has "yet to convince" EU antitrust regulators scrutinising its $8 billion cash-and-stock bid for Grail Inc, people familiar with the matter said. For the government: Susan Musser of the FTC, For Illumina: David Marriott of Cravath, Swaine & Moore, For Grail: Al Pfeiffer of Latham & Watkins. All quotes delayed a minimum of 15 minutes. BRUSSELS (Reuters) - EU antitrust regulators on Friday renewed interim measures ordering U.S. life sciences company Illumina to keep Grail as a separate entity pending an order to . Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Illumina said it plans to appeal the EU decision. Each side will get up to two hours to make an opening statement. Chappell also warned that "expert witnesses are not allowed to run wild in this courtroom.". (Reuters) - Lawyers for Illumina Inc are set to defend the life sciences company's $7.1 billion acquisition of Grail Inc at the U.S. Federal . Illumina in talks with EU to divest GRAIL - Reuters. The industry leader for online information for tax, accounting and finance professionals. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Crowell & Moring antitrust partner Alexis Gilman in Washington said the case is being closely watched as "the first vertical merger case that the FTC has litigated in decades." Shares of Illumina, which have fallen more than 48% so far this year, were down 1.5% at $195.83 in early trading on Tuesday. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The judge "rejected the FTC's position that the deal would adversely affect competition in a putative market for multi-cancer early detection (MCED) tests," Illumina said in a statement. The FTC has said Illumina is the dominant provider of DNA sequencing for multi-cancer early detection tests, which Grail uses to make a blood test to detect cancers. They said the company had failed to show that it "received precise, unconditional and consistent assurances, originating from authorised, reliable sources, such as to lead him or her to entertain well-founded expectations". The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. See here for a complete list of exchanges and delays. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The industry leader for online information for tax, accounting and finance professionals. Reporting by Foo Yun Chee EU officials said on Friday they "deeply regret" Illumina's decision to move ahead while its investigation was still ongoing. By Foo Yun Chee and Jan Strupczewski. The European Commission last month had taken interim measures after Illumina closed the deal before its approval, including an order that Grail . French car maker Renault said it aimed for an 8% operating margin by 2025 thanks to a plan to split its combustion engine activities from its electric vehicle business, though such a plan still needs the go-ahead from its alliance partner Nissan . The companies closed their deal last week, despite the FTC's challenge to San Diego, California-based Illumina's tie-up with the cancer-detection test maker and an EU probe that opened in June. European Union regulators will likely block Illumina's $8 billion purchase of Grail, according to a Reuters report, citing unidentified "people familiar" with the matter. The test, designed to detect more than [] Grail is selling the test, which must be prescribed by a doctor, for $949 in the United States, as a "laboratory developed test," a category of diagnostics that the Food and Drug Administration historically has not regulated. BRUSSELS (Reuters) - EU antitrust regulators on Friday renewed interim measures ordering U.S. life sciences company Illumina to keep Grail as a separate entity pending an order to . FTC lawyers, in the agency's challenge lodged in March, asserted the combination of the companies would hurt test-detection innovation and drive up prices. Grail, however, is in the process of seeking FDA approval. Illumina said last week there was no "legal impediment" to closing the deal and that it would hold Grail as a separate company amid European Commission review. U.S. apparel retailer Gap Inc has agreed to sell its Greater China businesses to Baozun Inc , the e-commerce service provider said on Tuesday, as headwinds persists for global consumer brands in the world's second-largest economy. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. See here for a complete list of exchanges and delays. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. A sign on Illumina's campus in San Diego. That could take years and it is unlikely the EU competition agency will wait before deciding whether to clear or block the deal. 9401. when it would compete with short-read systems sold by sequencing giant Illumina Inc." 16 Reuters, id. The adjustments exclude certain expenses and benefits related to goodwill impairment (of $3.91 billion) related to the GRAIL segment, legal contingencies, and incremental non-GAAP . The test, designed to detect more than 50 types of cancer before symptoms appear, looks at the DNA in a patient's blood to . EU renews order for Illumina to keep Grail as separate entity. A building on the Illumina Campus in University City. Lina Khan's Federal Trade Commission in September lost its attempt to stop gene-sequencing company Illumina from its $7 billion purchase of cancer detection test maker Grail . Additional reporting by Marine Strauss in Brussels; editing by Edmund Blair and Jason Neely, Gap to sell Greater China units to e-commerce firm Baozun, Cryptoverse-Elon Musk frees the bird and the dog coin flies, Renault, Geely clinch deal for internal-combustion joint venture, Germany likely to block Chinese takeover of Elmos' chip production, Ireland to sell 8% of its majority stake in AIB in one go, See here for a complete list of exchanges and delays. The U.S. Federal Trade Commission filed a lawsuit in March 2021 to stop the acquisition on the basis that it would slow innovation for cancer detection tests. Sept 20 (Reuters) - Cancer detection test maker Grail, acquired by Illumina Inc last year despite ongoing antitrust challenges, on Tuesday said it would expand use of its flagship . WASHINGTON, Sept 1 (Reuters) - A U.S. administrative judge has ruled in favor of Illumina Inc's (ILMN.O) acquisition of cancer detection test maker Grail Inc (GRAL.O), the U.S. maker of genetic analysis equipment said on Thursday. The FTC filed a lawsuit in March 2021 to stop Illumina's $7.1 billion deal to buy its former subsidiary Grail, arguing the deal would slow innovation for tests designed to detect multiple kinds of cancer. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Core Illumina revenues rose 0.4% year over year (up 3% at constant exchange rate or . The Commission said it took up the Illumina case at the request of Belgium, France, Greece, Iceland, the Netherlands and Norway even though the deal did not require approval from these countries because Grail had no activities in Europe. The deal was finalised in August, and Illumina has said it would hold Grail, which makes a non-invasive, early detection biopsy test to screen for many kinds of cancers using DNA sequencing, as a separate company while waiting for approval from the EU. The industry leader for online information for tax, accounting and finance professionals. Trial expected to run until at least early October. Reuters/Mike Blake. Editing by David Goodman, Factbox: Market implications from Tuesday's U.S. midterm elections, Oil prices fall as China demand, recession concerns outweigh supply woes, Democratic upset in U.S. midterms could roil markets, options mavens say, Renault raises planned operating margin goal, but Nissan deal elusive, Ireland to sell 8% of its majority stake in AIB in one go, Diamondback quarterly profit beats market estimates on higher crude prices, Global hedge funds advance in October amid stocks rally, Bayer Q3 earnings up 17.3% on agriculture sales, See here for a complete list of exchanges and delays. REUTERS/Mike Blake. Illumina on Wednesday lost its challenge in Europe's second-highest court against the European Union having scrutiny over its $8 billion cash-and-stock takeover of fellow U.S. life sciences firm . Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Illumina, a San Diego-based maker of genetic analysis equipment, closed its $7.1 billion acquisition of Grail, a former subsidiary, in August 2021, despite antitrust challenges in the U.S. and Europe. Illumina ( NASDAQ: ILMN) is in talks with European Union antitrust regulators to divest GRAIL ahead of an expected EU veto next week on the $7B-plus tie-up, Reuters reported on Monday. Cravath, Swaine & Moore litigation partner David Marriott is set to deliver the opening for Illumina, and Latham & Watkins partner Al Pfeiffer, a former co-chairman of the firm's antitrust practice, is prepared to speak for Grail. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The parties, he said, had offered "fairly robust commitments to address potential concerns," including an effort to hold and lower prices on sequencing products. "The Commission has the competence to examine that concentration which did not have a European dimension or fall within the scope of the national merger control rules of member states of the European Union or states party to the agreement on the European Economic Area," the Court said. The European Commission, which acts as the competition enforcer in the 27-country European Union, earlier this month said its concerns that the deal would block competition were not adequately addressed and Illumina would need to divest Grail's European operations. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Our Standards: The Thomson Reuters Trust Principles. It said the test will be available to some customers at a 50% or 100% subsidy. The House Judiciary Committee Republicanson Thursday tweeted the ruling was "a big development." BRUSSELS, July 27 (Reuters) - Illumina's acquisition of biotechnology company Grail will likely be blocked by EU antitrust regulators because of concerns about concessions offered by the U.S. life . Reuters reported in July Illumina's acquisition of Grail will likely be blocked by EU antitrust regulators because of concerns about concessions offered by the U.S. life sciences firm, people familiar with the matter said on Wednesday, citing sources. Earlier this month, an FTC administrative law judge ruled the acquisition will not hurt competition. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Illumina said it would appeal the General Court ruling to the Court of Justice of the European Union, Europe's highest. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. See here for a complete list of exchanges and delays. [1/2]A building on the campus at the world headquarters of Illumina is shown in San Diego, California, U.S., September 1, 2021. 1 In the Matter of Illumina, Inc., and Grail, Inc. (hereafter Illumina), October 14, 2022, FTC Matter/File Number 201 0144, . Biden warns on risk to democracy, Trump hints at another run on eve of midterms, Abortion and voting rights at stake in tight U.S. governors' races, Analysis: Airlines reboot as COVID sparks a revolution in one-day business trips, U.S. must make much deeper emissions cuts to meet climate goals -government report, Forum: Litigation finance as a multi-tool for corporate law departments, How municipal lawyers can help in the fight against climate change, Boies, Hausfeld among law firms reaping $667 mln windfall in Blue Cross antitrust case, Insights in Action: Differing perceptions of stand-out lawyers skill sets, See here for a complete list of exchanges and delays, Case marks first litigated "vertical" merger trial in years at FTC, Cravath heads up Illumina defense, and Latham for Grail, Trial expected to run until at least early October. WASHINGTON (Reuters) - The Federal Trade Commission said it would appeal a decision issued on Thursday by the agency's chief administrative judge in favor of Illumina Inc (NASDAQ: ILMN )'s $7.1 . Read more on seekingalpha.com. Reuters, U.S. judge backs Illumina deal for Grail in blow to FTC, September 2, 2022. Grail, based in Menlo Park, California, relies on Illumina's DNA sequencing technology for its tests. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. EU antitrust chief Margrethe Vestager will hold a news conference at 1100GMT on a competition case, the European Commission said on Tuesday, without providing any details. Such doubts could mean that Illumina may have to sweeten its . Illumina, which has challenged the Commission's veto, will be required to provide funds for Grail to develop cancer detection tests it has in the pipeline. The European Commission, which acts as the competition enforcer in the 27-country bloc, said on Tuesday that Illumina's remedies did not adequately address its concerns, confirming a . Illumina, the global leader in DNA . According to Illumina (ILMN), GRAIL will continue to operate as a separate company until the ongoing regulatory review by the EC is completed. Under the interim measures, Grail must be run by independent managers exclusively in the interest of the company and it cannot share confidential business information with Illumina, though there could be very limited exceptions with safeguards. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. read more, Illumina closed the deal in August 2021 but said it would hold Grail as a separate company with regard to the EU review. Illumina's (NASDAQ: ILMN) plans to reduce prices and allow competitors continued access to its technology had . Foo Yun Chee Reuters. European Union antitrust regulators on Friday renewed interim measures ordering San Diego life sciences company Illumina to keep Grail as a separate entity pending an order . by Reuters 1 week ago. "As regards the Phase II investigation into the Illumina/Grail case, proceedings are currently suspended and will continue as soon as the clock restarts," a Commission spokesperson said. Reporting by Deena Beasley; Editing by Leslie Adler and Jonathan Oatis, BioNTech lifts lower end of vaccine sales target range, Novartis adds 50 mln euros to European antibiotics investment budget, GSK's blood cancer drug fails main goal of trial, shares fall, U.S. Supreme Court to hear Amgen bid to revive cholesterol drug patents, Magic mushroom compound shows promise as depression treatment in key study, See here for a complete list of exchanges and delays. WASHINGTON, Sept 2 (Reuters) - The Federal Trade Commission said it would appeal a decision issued on Thursday by the agency's chief administrative judge in favor of Illumina Inc's $7.1 billion . The industry leader for online information for tax, accounting and finance professionals. The industry leader for online information for tax, accounting and finance professionals. Foo Yun Chee. Galleri is covered by some small health insurers such as Point32Health, but large health insurers are likely to wait for additional data showing the test's accuracy, or regulatory approval, before deciding to pay for the new test, Ofman said. Illumina's chief executive saidat the time that the acquisition "provides huge benefits to people who may have cancer and don't know it.". read more. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Published. The Federal Trade Commission (FTC) sought to block Illumina's proposed acquisition of Grail. LUXEMBOURG, July 13 (Reuters) - Illumina (ILMN.O) on Wednesday lost its challenge in Europe's second-highest court against the European Union having scrutiny over its $8 billion cash-and-stock takeover of fellow U.S. life sciences firm Grail (GRAL.O).
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