Illumina fined $475M in EU for closing GRAIL acquisition
Sundry Photography/iStock Editorial via Getty Images

The European Commission on Wednesday imposed a fine of approximately â¬432M ($475M) on the U.S. gene sequencing company Illumina (NASDAQ:ILMN) for completing its acquisition of cancer-screening company GRAIL without regulatory approval.
The fine represents about 10% of Illumina's (ILMN) turnover, the maximum fine the EU can impose on deals that breach its antitrust rules. Separately, the commission imposed â¬1K on GRAIL for its "active role in the infringement."

In August 2021, Illumina (ILMN) closed the GRAIL acquisition while the European Commissionâs review of the $7.1B deal was still ongoing.
"This is an unprecedented and very serious infringement undermining the effective functioning of the EU merger control system," the commission said.
Last month, Francis deSouza , the former CEO of Illumina, resigned from his position amid activist pressure from billionaire investor Carl Icahn, who faulted the company for closing the GRAIL deal despite regulatory concerns.


More on Illumina GRAIL deal

Illumina faces record European Union fine over Grail deal next week - report
Illumina Needs Grail, But May Lose It