Illumina to pay US$7.1b for cancer test developer Grail
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[BENGALURU] Gene sequencing company Illumina Inc will pay US$7.1 billion in cash and stock to buy cancer test startup Grail, the Wall Street Journal reported on Monday, citing people familiar with the matter.
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 founder Jeff Bezos and billionaire philanthropist Bill Gates.
The deal for Grail, in which Illumina is the biggest shareholder with a 14.6 per cent stake, is expected to be announced later, according to the report.
The company earlier this month filed for a US initial public offering, without disclosing the offering size.
Grail owners excluding Illumina will get US$3.1 billion in cash and shares in the gene-sequencer maker worth the remaining US$4 billion, the report said.
Both Illumina and Grail did not immediately respond to Reuters' requests for comment.
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Bloomberg News reported last week Illumina was nearing a deal for Grail.
REUTERS
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