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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. Grail will continue to be held separate with committed funding from Illumina for the company's business through the divestment process, the former said in a separate statement. Grail, valued at $7.1 billion under Illumina's deal, is seeking to market a blood test that can diagnose many kinds of cancer, known as a liquid biopsy.

Anirudh saligramaSvea herbst baylissDeepa babingtonChandni shahCarl icahnDiane bartzEuropean unionEuropean commissionSan diego based illuminaFederal trade commissionFifth circuitBill berkrotCarl icahn