The Federal Trade Commission will seek to stop Illumina Inc's $7.1 billion proposed acquisition of cancer detection test maker Grail, the agency said in a statement on Tuesday.
Illumina's stock fell 5.5 percent on the news.
The agency said the deal would slow innovation for tests that are designed to detect multiple kinds of cancer. Illumina, a life sciences company, was the only U.S. company to provide DNA sequencing for multi-cancer early detection tests, the FTC said. Grail makes a non-invasive, early detection biopsy test to screen for many kinds of cancers using DNA sequencing, the agency said.
Grail has developed a test called Galleri, which is currently available only to participants in clinical studies, according to the company's website.
Illumina said in a statement that it was committed to pursuing the acquisition.
https://finance.yahoo.com/news/1-u-ftc-seeks-stop-193406895.html
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