US biotech Illumina faces steep loss from forced sale of Grail

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The story "US biotech Illumina faces steep loss from forced sale of Grail" was covered 2 weeks ago by Financial Times, a news publisher based in United States.

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Financial Times 2w ago

US biotech Illumina faces steep loss from forced sale of Grail - Financial Times

Quick Summary:

Illumina will retain a 14.5 per cent stake in Grail after the sale.

Doug Schenkel, an analyst at Wolfe Research, said Illumina had overseen “the worst deal in the history of the diagnostics space”, adding that it had been a “complete disaster” for the wider business.

Shares in Grail are already trading in low volumes ahead of Illumina’s planned sale of the unit on June 24, with the stock closing at $15.58 in New York on Monday, giving Grail a market value of just $485mn.