Illumina was valued at more than $70 billion in the summer of 2021, when it said it had closed the deal for Grail, compared with around $31 billion now. It is still fighting a decision by European regulators to block its acquisition of Grail and potentially force it to divest the company. Illumnina currently holds Grail as a separate unit.  

Shares in Illumina were up 20% on Monday but have fallen about 25% over the past 12 months. As well as the uncertainty over the Grail acquisition, the company is facing a projected slowdown in sales of its gene-sequencing products. 

Eoin Treacy's view

Illumina has adopted a combative attitude to EU regulators. The basis for their argument is both Illumina and Grail are US companies so the EU does not have jurisdiction. The EU’s argument is they control a large market and are already concerned with monopolistic practices in the gene sequencing sector.