FTC or­ders Il­lu­mi­na to di­vest Grail, adding pres­sure amid ac­tivist fight with Ic­ahn

The Fed­er­al Trade Com­mis­sion has or­dered Il­lu­mi­na to di­vest Grail, re­vers­ing an ad­min­is­tra­tive law judge’s rul­ing and adding more pres­sure for Il­lu­mi­na to un­wind the ac­qui­si­tion.

Il­lu­mi­na’s $7.1 bil­lion pur­chase of the can­cer-test­ing com­pa­ny is at the cen­ter of a proxy fight waged by Carl Ic­ahn that ar­gues the DNA se­quenc­ing gi­ant paid too much for Grail and has been dis­tract­ing to the com­pa­ny’s core busi­ness.

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