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Grail, which is developing a blood test to identify early-stage
cancers, was founded by Illumina as a separate company in 2016
and is backed by Amazon.com Inc <AMZN.O> founder Jeff Bezos and
billionaire philanthropist Bill Gates.
The deal would give Illumina access to Grail's test for early
detection of cancer from blood called Galleri, which is expected
to launch commercially in 2021.
Grail plans to follow Galleri with future blood-based tests for
cancer diagnosis, detection and post-treatment monitoring of
cancer patients, the companies said.
Earlier this month Grail, in which Illumina is the biggest
shareholder with a near 14.5% stake, filed for a U.S. initial
public offering, without disclosing the offering size.
Under the terms of the agreement, Grail stockholders, including
Illumina, will receive $3.5 billion in cash and $4.5 billion in
shares of Illumina common stock.
Grail stockholders will also receive future payments
representing a tiered single-digit percentage of certain
Grail-related revenue.
The Wall Street Journal first reported https://www.wsj.com/articles/sequencing-firm-illumina-to-pay-7-1-billion-for-liquid-biopsy-firm-grail-11600682402?mod=searchresults&page=1&pos=3
the deal on Monday, citing sources.
(Reporting by Manojna Maddipatla in Bengaluru; Editing by
Saumyadeb Chakrabarty and Maju Samuel)
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