ILMN Stock Recent News

The saga over DNA sequencing firm Illumina Inc.'s (ILMN) controversial purchase of cancer diagnostic test maker GRAIL appears to be over.

After over two years of antitrust battles, Illumina Inc (NASDAQ:ILMN) will sell its cancer diagnostic test maker Grail through a third-party sale of capital markets transaction by the second quarter next year.

Here's our daily look at three charts connected to recent news-driven price moves, with key technical levels to monitor.

Illumina Inc (NASDAQ:ILMN) stock traded on the front foot, up 5.6% to $134.25, after the company told investors it will seek a sale of its gene sequencing business Grail. It comes after European antitrust regulator, the European Commission, gave the Illumina twelve-months to sell the company it bought in 2021 for $7.1 billion.

The decision shows the company didn't see a way to overcome regulators' objections.

The divestiture will be executed through a third-party sale or capital markets transaction, San Diego-based Illumina said in a statement, adding that it would finalize the terms by second quarter of 2024.

Illumina said Sunday it will the sell cancer detection startup after a U.S. appeals court said the $7.1 billion deal violated antitrust laws,

Judges also fault agency for not properly considering Illumina's plan to fix drawbacks.

Illumina's market cap has fallen 80% from its all-time highs in 2021, but the divestment of Grail could bring it back on track. Illumina's competitive advantage lies in its scalable DNA sequencing platform and highly integrated system, which makes it difficult for customers to switch to competitors. The sale of Grail could unlock shareholder value, improve operating margins, and provide fresh liquidity for Illumina to invest in R&D and strengthen its core business.

Illumina Inc (NASDAQ:ILMN), a genetic testing company, accused European Union antitrust1B  regulators of overreach in their decision to stop its $7.1 billion acquisition of cancer detection test company Grail. In October, Illumina was ordered to sell Grail after closing its takeover of the cancer test maker before securing their approval.