Two weeks after filing to go public, Grail has instead accepted an $8bn acquisition offer from Illumina, which had spun off the cancer diagnostics technology developer five years ago.
US-based medical diagnostics technology Grail agreed to an $8bn acquisition by genomics technology producer Illumina, which had originally spun out the former, according to a regulatory filing on Sunday.
Grail will receive $3.5bn in cash and another $4.5bn in stock. The two companies have agreed a deadline of December 20 to close the transaction, following which Illumina will pay Grail $35m per month until the deal closes.
Grail and Illumina have also signed a $315m merger termination agreement. The…
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
