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European Union regulators on Wednesday fined Illumina a record 432 million euros ($476 million) for closing its acquisition of cancer test developer Grail without first securing regulatory approval.
The European Commission’s fine amounts to 10% of San Diego-based Illumina’s turnover, the maximum allowed under E.U. merger rules.
The Illumina fine exceeds the commission’s previous largest merger regulation fine of $125 million, or 1% of annual turnover, imposed on telecommunications company Altice in 2018.
An Illumina spokesperson on Wednesday said the DNA sequencing company would appeal the fine. Illumina has already put aside $453 million to cover a potential maximum fine of 10% of turnover, according to a regulatory filing from earlier this year.
And the deal has already cost Illumina great sums of money. The company’s market value has fallen to roughly billion from around $75 billion in August 2021, the month it closed…
2023-07-12 06:15:41
Post from www.cnbc.com