SAN
DIEGO, Dec. 17, 2023 /PRNewswire/ -- Today,
Illumina, Inc. (NASDAQ: ILMN) announced that the company will
divest GRAIL.
The divestiture will be executed through a third-party sale or
capital markets transaction, consistent with the European
Commission's divestiture order, with the goal of finalizing the
terms by the end of the second quarter of 2024.
On December 15, the U.S. Fifth
Circuit Court of Appeals issued its decision in the matter of
Illumina v. the Federal Trade Commission. Following a review of the
Court's opinion, Illumina has elected not to pursue further appeals
of the Fifth Circuit's decision. As the company has previously
stated, if it was not successful with either its European Court of
Justice jurisdictional appeal or in a final decision of the Fifth
Circuit, it would divest GRAIL.
"We are committed to an expeditious divestiture of GRAIL in a
manner that allows its technology to continue benefitting
patients," said Jacob Thaysen, CEO
of Illumina. "The management team and I continue to focus on our
core business and supporting our customers. I am confident in
Illumina's opportunities and our long-term success."
Cautionary Note on Forward-Looking Statements
This
release may contain forward-looking statements that involve risks
and uncertainties.
Among the important factors to which our business is subject
that could cause actual results to differ materially from those in
any forward-looking statements are: (i) our ability to agree on a
divestment plan with the European Commission pursuant to the
divestment order it has issued; (ii) our ability to timely execute
a strategic alternative that maximizes the value of GRAIL to our
stockholders given the parameters required by the divestment order;
(iii) the risk that ongoing legal proceedings challenging the
decisions of the European Commission and the U.S. Federal Trade
Commission do not result in favorable outcomes for us; (iv) the
risk that distractions associated with the potential divestment of
GRAIL and associated legal proceedings or regulatory obligations
will harm our business, including current plans and operations,
together with other factors detailed in our filings with the
Securities and Exchange Commission, including our most recent
filings on Forms 10-K and 10-Q, or in information disclosed in
public conference calls, the date and time of which are released
beforehand. We undertake no obligation, and do not intend, to
update these forward-looking statements, to review or confirm
analysts' expectations, or to provide interim reports or updates on
the progress of the current quarter.
Cautionary Note on Statements of Opinion
In addition
to forward-looking statements, this release contains statements of
opinion with which all may not agree.
About Illumina
Illumina is improving human health by
unlocking the power of the genome. Our focus on innovation has
established us as a global leader in DNA sequencing and array-based
technologies, serving customers in the research, clinical, and
applied markets. Our products are used for applications in the life
sciences, oncology, reproductive health, agriculture, and other
emerging segments. To learn
more, visit illumina.com and connect with us on
X (Twitter),
Facebook, LinkedIn, Instagram, TikTok and YouTube.
Investors:
Salli Schwartz
858-291-6421
IR@illumina.com
Media:
David McAlpine
347-327-1336
PR@illumina.com
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SOURCE Illumina, Inc.