Illumina pushed back against Carl Icahn's proxy fight over the Grail deal, saying it's committed to maximizing shareholder value as it works with regulators.
Illumina said it has challenged the European Commission, arguing the agency lacks jurisdiction to block the merger between the two U.S. companies. A final decision is expected in late 2023 or early 2024, the company noted. Illumina said winning a jurisdictional appeal would eliminate any potential fine and "gives the greatest optionality for Illumina to maximize value for shareholders.
last week where Icahn referred to Grail as Illumina's "best equipment." Illumina added that the billionaire investor acknowledged that he doesn't understand the regulatory process and has not offered ideas for a "rapid resolution" for Grail. "Icahn has no ability to accelerate the legal and regulatory processes and neither do his nominees," Illumina said.and found they "lacked relevant skills and experience." That includes Vincent Intrieri, the founder and CEO of VDA Capital Management who was previously employed by Icahn. It also includes General Counsel of Icahn Enterprises Jesse Lynn and Andrew Teno, a portfolio manager at Icahn Capital LP, an entity where Icahn manages investment funds.
Illumina touted Grail in its release, saying it has "tremendous long-term value creation potential." Grail claims to offer the only commercially availablet that can detect more than 50 types of cancers through a single blood draw, Illumina said. The test generated $55 million of revenue in 2022 and is slated to rake in up to $110 million this year, according to Illumina.
The U.K.'s National Health Service is researching the test in a study with 140,000 participants, Illumina added. If the study is successful, the agency expects to test one million people in the U.K. in 2024.
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