Grail slips in Nasdaq debut after spin-off from Illumina

Grail

25/06/2024 15:51

** Shares of cancer test maker Grail  GRAL.O  fell as much
as ~14% in their market debut after being spun out of
gene-sequencing company Illumina  ILMN.O 
    ** Stock traded as low as $15.78 after opening at $18.35,
and was last at nearly $16. It has been halted thrice already
for volatility
    ** As an independent company, Grail is betting on commercial
partnerships with health systems, employers and life insurance
companies for its flagship cancer-detection test to power its
near-term growth
    ** As part of the spin-off, ILMN has provided GRAL with
funding to pursue its long-term strategy and will hold a
minority stake of 14.5% in co 
    ** Illumina's shareholders received one share of Grail for
every six shares of Illumina stock they owned as of June 13
    ** Illumina founded the company and spun it off in 2016; it
re-acquired Grail in 2021 for $7.1 billion to enter the cancer
early-detection market

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))