A sizable fine of $476M (€432M) has been levied against Illumina by EU regulators

 

A sizable fine of $476M (€432M) has been levied against Illumina by EU regulators for completing its acquisition of Grail without receiving regulatory approval.  Illumina wants to challenge the European Commission's judgment, stating that it is absurd and unreasonable and that the record-breaking fine, equal to 10% of Illumina's global sales, is inappropriate. Illumina has already set aside $453M to cover potential maximum penalties. Since the Grail transaction was completed, the company's market worth has decreased from $75B to $29B. Illumina will sell out Grail if the appeal is unsuccessful, but it thinks it can increase the accessibility and financial viability of Grail's Galleri test. Illumina is currently finding a new CEO and implementing a cost-cutting plan to address the company's declining operating margins. In June, CEO Francis deSouza abruptly resigned despite surviving the proxy vote.