Illumina buys Jeff Bezos-backed cancer-testing firm Grail in deal worth $8 billion
Illumina said on Monday it would buy cancer screening startup Grail in a cash-and-stock deal worth $8 billion, buying out investors including Jeff Bezos and snatching back a business it hived off four years ago as a separate company. The deal comes weeks after Grail filed to go public. Illumina will get access to Grail's "liquid biopsy" blood test, Galleri, which helps identify early-stage cancers and is expected to be launched commercially in 2021, betting on a market that is expected to grow rapidly in coming years. Grail was founded by Illumina as a separate company in 2016 and had raised about $2 billion, with investors including Bezos and Microsoft co-founder Bill Gates. Illumina is Grail's largest shareholder, holding a 14.5% stake. Grail stockholders, including Illumina, will receive $3.5 billion in cash and $4.5 billion in shares of Illumina stock, the companies said on Monday. Grail plans to follow Galleri with more blood tests for cancer diagnos...
