A European court will rule on July 13 whether the San Diego Life Sciences Company Illuminabuyout of $ 8 billion in cash and shares chalice should be scrutinized by EU antitrust regulators, people familiar with the matter said on Wednesday.
The case coincides with the European Commission’s desire to extend its powers to consider the acquisition of start-ups by large companies aimed at closing down new competitors, focusing on technology and drug deals.
Critics call it a seizure of power that has worried even some national competition agencies.
The General Court, based in Luxembourg, Europe’s second-highest court, declined to comment on the date of its ruling.
Illumina in a court hearing last year criticized the EU competition authority for using this rarely used power in a company not active in Europe.
“We believe the Commission erred in claiming jurisdiction over a transaction between two US companies without a foreseeable impact on competition in Europe,” Illumina said in an email.
The company announced the deal in September last year, which would give it access to Grail’s flagship Galleri blood test, which is used to diagnose cancer at an early stage when the disease is easier to treat.
The case is T-227/21 Illumina v Commission.
European Court to Rule July 13 on Illumina Challenge of EU Review of $8B Grail Deal Source link European Court to Rule July 13 on Illumina Challenge of EU Review of $8B Grail Deal