SAN DIEGO, Dec. 11, 2023 /PRNewswire/ -- Illumina, Inc.
(NASDAQ: ILMN) has confidentially submitted a draft registration
statement on Form 10 related to its potential divestiture of GRAIL
to the U.S. Securities and Exchange Commission, pursuant to an
order Illumina received from the European Commission (EC) directing
the company to divest GRAIL.
Submission of this registration statement is an important next
step in evaluating divestiture options for GRAIL. Illumina is
committed to resolving all issues regarding GRAIL in a timely
manner, with the objective of achieving the maximum value for
shareholders and the best outcome for GRAIL.
Under the terms of the EC's order, Illumina is permitted to
explore a range of structures including, but not limited to, a
third-party sale or a capital markets transaction. Illumina is
leading the divestiture process with the assistance of financial
and legal advisors.
Illumina maintains that the Commission does not have
jurisdiction over this acquisition. If Illumina wins its
jurisdictional challenge at the European Court of Justice (ECJ),
the basis for the EC's divestiture order would be eliminated.
However, if Illumina is not successful with either its ECJ
jurisdictional appeal or in a final decision of the U.S. Fifth
Circuit Court of Appeals, the company will divest GRAIL.
This release does not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of these securities in any state or jurisdiction in which
any such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
Cautionary Note on Forward-Looking Statements
This release may contain forward-looking statements that involve
risks and uncertainties. Among the important factors to which
our business is subject that could cause actual results to differ
materially from those in any forward-looking statements are: (i)
our ability to agree on a divestment plan with the European
Commission pursuant to the divestiture order it has issued; (ii)
our ability to timely execute a strategic alternative that
maximizes the value of GRAIL to our stockholders given the
parameters required by the divestiture order; (iii) the risk that
ongoing legal proceedings challenging the decisions of the European
Commission and the U.S Federal Trade Commission do not result in
favorable outcomes for us; and (iv) the risk that distractions
associated with the potential divestment of GRAIL and associated
legal proceedings or regulatory obligations will harm our business,
including current plans and operations, together with other factors
detailed in our filings with the Securities and Exchange
Commission, including our most recent filings on Forms 10-K and
10-Q, or in information disclosed in public conference calls, the
date and time of which are released beforehand. We undertake no
obligation, and do not intend, to update these forward-looking
statements, to review or confirm analysts' expectations, or to
provide interim reports or updates on the progress of the current
quarter.
Cautionary Note on Statements of Opinion
In addition
to forward-looking statements, this release contains statements of
opinion with which all may not agree.
About Illumina
Illumina is improving human health by unlocking the power of the
genome. In 2023 we celebrate 25 years of innovation, which has
established us as a global leader in DNA sequencing and array-based
technologies, serving customers in the research, clinical, and
applied markets. Our products are used for applications in the life
sciences, oncology, reproductive health, agriculture, and other
emerging segments. To learn more, visit illumina.com and
connect with us on X
(Twitter), Facebook, LinkedIn, Instagram, TikTok,
and YouTube.
Investors:
Salli
Schwartz
858-291-6421
IR@illumina.com
Media:
David
McAlpine
347-327-1336
PR@illumina.com
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SOURCE Illumina, Inc.