The European Commission (EC) fined Illumina $475 million on July 12, 2023 for closing its acquisition of Grail without waiting for EU antitrust approval. The EC had been investigating the deal since August 2021, and it ultimately found that the acquisition would have given Illumina too much control over the market for cancer-screening technology.
The fine is the largest ever imposed by the EC for violating EU merger rules. Illumina has said that it will appeal the fine.
The case is a reminder of the importance of getting antitrust approval before closing a major acquisition. Companies that fail to do so could face significant fines.
Illumina is a leading provider of genetic testing technology. Grail is a cancer-screening company that is developing a blood test that can detect cancer early.
The EC’s investigation found that the acquisition would have given Illumina a dominant position in the market for cancer-screening technology. This would have allowed Illumina to raise prices, reduce innovation, and limit consumer choice.
The fine of $475 million is the largest ever imposed by the EC for violating EU merger rules. Illumina has said that it will appeal the fine.
The case is a reminder of the importance of getting antitrust approval before closing a major acquisition. Companies that fail to do so could face significant fines.
