Its CEO and director, Francis deSouza, resigned last month after the company’s chairman was voted out by shareholders in May.
The turmoil over the acquisition has stirred upheaval at Illumina. “We believe that the fine announced by the European Commission today - while expected and accrued for over the last year - is unlawful, inappropriate and disproportionate,” the company said in a statement. Illumina vowed to appeal the European fine - like it did the FTC order - and is waiting for the EU’s highest court to rule on its challenge to the commission’s ability to review the merger. San Diego-based Illumina is a major supplier of next-generation sequencing systems for genetic and genomic analysis, while Grail is a health company developing blood tests to try to catch cancer early.
Similiarly, the EU said the acquisition would squeeze out competitors and give Illumina too dominant of a position in the market. The Federal Trade Commission ordered Illumina to sell Grail earlier this year after finding the merger would “stifle competition and innovation in the US market for life-saving cancer tests.” Regulators worldwide have targeted the deal.
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