The European Union has stated that Illumina is using tactics to delay the ruling on whether or not they should divest cancer test developer Grail, per the Financial Times.
Illumina has stated that it is making efforts to resolve the litigation related to its acquisition of Grail, which has been the subject of a proxy battle led by activist investor Carl Icahn.
If there is a delay, investors may have to wait several months to receive an outcome regarding the future of Grail. In April, US antitrust regulators mandated that Grail must be divested, a decision that Illumina is currently appealing.
Read more: Illumina Granted Fast-Track Appeal Of FTC Order
The EU antitrust authorities halted the transaction in September due to potential competition concerns. The company had executed the deal without obtaining regulatory approval.
Illumina appealed and opposed an expedited final ruling from Brussels regarding the removal of Grail, according to sources familiar with the situation.
The fast-track procedure in Luxembourg permits judges to promptly settle legal disputes deemed urgent.
“Illumina doesn’t want a fast process in court, they are playing delay tactics,” alleged a person with direct knowledge of the EU’s position.
“The way Illumina is behaving contradicts its claim that it wants to solve the issue fast,” the person added.
According to a source familiar with the company’s strategy, any potential delay in legal proceedings could provide an opportunity to sell Grail at a higher market value while the company exercises its legal rights to defend itself.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI