The company said it was notified on October 12, 2023 that the European Commission (EC) had formally approved the divestment plan for GRAIL, LLC (Divestment Plan) that it submitted under the EC's divestment order.

1. 01

   The company said it was notified on October 12, 2023 that the European Commission (EC) had formally approved the divestment plan for GRAIL, LLC (Divestment Plan) that it submitted under the EC's divestment order.

2. 02

   Illumina said the Divestment Plan allows it to continue exploring a trade sale and a capital markets divestiture at the same time.

3. 03

   Illumina said that in a capital markets transaction, it must capitalize GRAIL at the time of the transaction with two-and-a-half years of funding based on GRAIL's long-range plan. It expects the amount of that funding to be approximately $1 billion, including cash from GRAIL's balance sheet.

4. 04

   The company reaffirmed its goal of finalizing the divestiture terms by the end of Q2 2024 and cited the risk that the final amount needed to capitalize GRAIL may differ materially from its current expectations.

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Original filing

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