The FTC’s order that Illumina unwind its Grail acquisition puts head commissioner Lina Khan on the same side as Carl Icahn. Khan opposes the deal because Illumina can raise prices, while the activist thinks the deal doesn't make sense. rob_cyran explains.
. This puts Khan on the same side as Carl Icahn, who wants Illumina to ditch the deal for seemingly opposite reasons.
Illumina makes DNA sequencing machines used in medical research. It discovered by accident it could detect cancer by finding tumor fragments in blood. It set up Grail to develop tests, but has had trouble deciding whether having it in house is sensible. Illumina spun off the business and then repurchased it last year.
The commission believes Illumina could use its dominance in DNA sequencing to hurt Grail’s competitors and raise prices. Icahn, on the other hand, worries Grail isBoth opponents may win. Illumina is now appealing decisions in Europe and the U.S. that it divest its purchase. If the company loses either decision, it will get rid of Grail. Whether that leaves Illumina less powerful, or potentially more, depends on who you ask.
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