Salem Radio Network News Monday, September 26, 2022

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EU blocks merger of US firms in cancer screening sector

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( ) -q-28- UNDATED (Correspondent Jeremy House) “U.S. last week.”

The European Commission is is blocking the buyout of cancer-screening company GRAIL by biotech giant Illumina.

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TAG: Correspondent Jeremy House reporting. Illumina is a major supplier of next-generation sequencing systems for genetic and genomic analysis. GRAIL is a health company developing blood tests to try to catch cancer early.

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VERBATIM: It’s a rare move by European antitrust regulators against two U.S. companies. Illumina announced an $8 billion buyout of GRAIL in 2020. But the commission says the buyout would have allowed “Illumina to foreclose GRAIL’s rivals, who are dependent on Illumina’s technology, from access to an essential input they need to develop and market their own tests.” Illumina says it will appeal Tuesday’s decision. The merger was approved in the U.S. last week.

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