Illumina gains as EU court adviser backs appeal against Grail-deal review

Illumina

21/03/2024 13:42

** Shares of U.S. life sciences firm Illumina  ILMN.O  up
6.4% at $141.75
    ** Co wins the backing of an adviser to Europe's top court
who said EU antitrust regulators do not have the power to
scrutinise its $7.1 billion bid for Grail  GRAL.O  nor block it 
    ** European Commission in 2021 asserted a rarely used power
called Article 22 to assess the Illumina-Grail deal even though
it was below the EU merger revenue threshold
    ** ILMN says in a statement that it welcomes the adviser's
recommendation 
    ** Judges at the Luxembourg-based Court of Justice of the
European Union usually follow adviser's non-binding opinions in
the majority of cases 
    ** Court adviser's opinion, if subsequently supported by
judges, could influence the EU antitrust regulator's planned
assessment of three other merger deals where innovation concerns
are central, one of which involves U.S. chipmaker Qualcomm
 QCOM.O 
    ** As of last close, ILMN down 4.3% YTD

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))