BioTech

Illumina to pay $7.1 billion for cancer test developer Grail - WSJ

Credit: REUTERS/MIKE BLAKE

Gene sequencing company Illumina Inc will pay $7.1 billion in cash and stock to buy cancer test startup Grail Inc, the Wall Street Journal reported on Monday, citing people familiar with the matter.

Sept 21 (Reuters) - Gene sequencing company Illumina Inc ILMN.O will pay $7.1 billion in cash and stock to buy cancer test startup Grail Inc, the Wall Street Journal reported on Monday, citing people familiar with the matter.

Grail, which is developing a blood test to identify early-stage cancers, was founded by Illumina as a separate company in 2016 and is backed by Amazon.com Inc AMZN.O founder Jeff Bezos and billionaire philanthropist Bill Gates.

The deal for Grail, in which Illumina is the biggest shareholder with a 14.6% stake, is expected to be announced on Monday, according to the report.

The company earlier this month filed for a U.S. initial public offering, without disclosing the offering size.

Grail owners excluding Illumina will get $3.1 billion in cash and shares in the gene-sequencer maker worth the remaining $4 billion, the report said.

Both Illumina and Grail did not immediately respond to Reuters' requests for comment.

Bloomberg News reported last week Illumina was nearing a deal for Grail.

(Reporting by Manojna Maddipatla in Bengaluru; Editing by Saumyadeb Chakrabarty)

((manojna.kalyani@thomsonreuters.com; +91 8061822700;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

ILMN AMZN

Other Topics

US Markets

Latest BioTech Videos

CRISPR and the Future of Biotech with Dr. Jennifer Doudna

May 11, 2022

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More