SAN
DIEGO, April 12, 2024 /PRNewswire/ -- Illumina,
Inc. (NASDAQ: ILMN), a global leader in DNA sequencing and
array-based technologies, today announced it has received approval
of its divestment plan for GRAIL from the European Commission
(EC).
While this does not mean the method of divestment has been
finalized, the company is pleased to reach an agreement with the EC
on specific divestment options as it represents an important
milestone in the process. Illumina continues to explore divesting
GRAIL through either a trade sale or a capital markets transaction,
each of which are contemplated by the plan approved today. In the
event of a capital markets transaction, Illumina must capitalize
GRAIL with two-and-a-half years of funding, which is estimated at
approximately $1 billion based on
GRAIL's long-range plan.
Illumina looks forward to working with the EC on approval of
final terms consistent with the divestment plan. As previously
stated, Illumina has a goal of finalizing those terms by the end of
the second quarter of 2024.
Cautionary Note on Forward-Looking Statements
This
release may contain forward-looking statements that involve risks
and uncertainties.
Among the important factors to which our business is subject
that could cause actual results to differ materially from those in
any forward-looking statements are: (i) our ability to agree on a
divestment plan with the European Commission pursuant to the
divestment order it has issued; (ii) our ability to timely execute
a strategic alternative that maximizes the value of GRAIL to our
stockholders given the parameters required by the divestment order;
(iii) the risk that ongoing legal proceedings challenging the
decisions of the European Commission and the U.S. Federal Trade
Commission do not result in favorable outcomes for us; (iv) the
risk that distractions associated with the potential divestment of
GRAIL and associated legal proceedings or regulatory obligations
will harm our business, including current plans and operations,
together with other factors detailed in our filings with the
Securities and Exchange Commission, including our most recent
filings on Forms 10-K and 10-Q, or in information disclosed in
public conference calls, the date and time of which are released
beforehand. We undertake no obligation, and do not intend, to
update these forward-looking statements, to review or confirm
analysts' expectations, or to provide interim reports or updates on
the progress of the current quarter.
Cautionary Note on Statements of Opinion
In addition
to forward-looking statements, this release contains statements of
opinion with which all may not agree.
About Illumina
Illumina is improving human health by
unlocking the power of the genome. Our focus on innovation has
established us as a global leader in DNA sequencing and array-based
technologies, serving customers in the research, clinical, and
applied markets. Our products are used for applications in the life
sciences, oncology, reproductive health, agriculture, and other
emerging segments. To learn
more, visit illumina.com and connect with us
on X, Facebook, LinkedIn, Instagram, TikTok and YouTube.
Investors:
Salli
Schwartz
858-291-6421
IR@illumina.com
Media:
David
McAlpine
347-327-1336
PR@illumina.com
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SOURCE Illumina, Inc.