Illumina/Grail Prohibition: The End of the Beginning for EU Review of “Killer Acquisitions”?* On September 6, 2022, the European Commission (Commission) announced that it had prohibited the acquisition by Illumina Inc., a U.S company supplying sequencing- and array-based solutions for genetic and genomic analysis, of Grail LLC, another U.S. company that develops blood tests for the early detection of cancers, under the EU Merger Regulation (EUMR). Grail has no revenues in the EU and the transaction did not meet the thresholds for mandatory notification under the EUMR or any Member State merger review law. The Commission’s prohibition is unprecedented in several ways. Illumina/Grail was the first case the Commission accepted for review (and the only one prohibited) under a policy
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