THE EUROPEAN COMMISSION HAS SENT A STATEMENT OF OBJECTIONS TO ILLUMINA AND GRAIL!
The European Commission (“Commission”) has sent a Statement of Objections to Illumina and GRAIL informing them of the interim measures it intends to adopt following the companies' alleged breach of the standstill obligation under the EU Merger Regulation.
On 22 July 2021, the Commission opened an in-depth investigation to assess the proposed acquisition of GRAIL by Illumina under the EU Merger Regulation. However, on 18 August 2021, Illumina publicly announced that it had completed its acquisition of GRAIL, while the Commission's review of the proposed transaction is still pending.
In Statement of Objections, the Commission takes the preliminary view that, by closing their deal, Illumina and GRAIL breached the standstill obligation and that interim measures to restore or maintain effective competition are appropriate in this case. This is the first time the Commission intends to adopt interim measures following an unprecedented early implementation of a concentration it is investigating.
The Commission will continue to investigate whether Illumina and GRAIL's decision to implement their transaction pending the Commission's in-depth investigation constitutes an infringement of the EU Merger rules that may trigger the imposition of fines. If the Commission were to conclude that Illumina and GRAIL are liable, it could impose a fine of up to 10% of the companies' annual worldwide turnover.
You can find the full text of the Press Release here.