Due to Meina's consideration of divesting the Grail plan, two-thirds of the market value has evaporated. The Chinese leader has resigned

Tech 2023-10-15 07:12:16 Source: Network

The gene sequencing platform Illumina has stated that the company will consider divesting the tumor testing company Grail. This statement was made after the EU's antitrust agency issued an order

The gene sequencing platform Illumina has stated that the company will consider divesting the tumor testing company Grail. This statement was made after the EU's antitrust agency issued an order.

In the past two years, the acquisition of Grail by Meina has sparked opposition from antitrust regulatory agencies in Europe and America, resulting in a two-thirds drop in the company's market value.

On October 13th local time, Imena stated that according to the terms of the EU antitrust agency's order, if the acquisition of cancer testing manufacturer Grail is not successfully appealed in court, Imena will spin off the life science company within the next 12 months.

Possible spin off options for Meina include listing Grail separately or seeking third-party buyers. If Imena chooses to trade Grail in the open market, it must also be capitalized. In addition, the EU's antitrust agency has stipulated that Imena can only retain a maximum of 14.5% stake in Grail.

In 2021, Mena acquired tumor blood testing company Grail for $7.1 billion, which was established after Mena split in 2016. The antitrust agency believes that this acquisition may hinder Grail's competitors from using its technology to develop blood based early cancer detection methods.

Due to Meina's appeal to EU regulatory authorities last year, it was found that the agency does not have jurisdiction over the acquisition, and the European Court of Justice has not yet made a decision on Meina's challenge. In addition, in June this year, Meina filed an appeal against the Federal Trade Commission's order to divest Grail from the company.

The final decision of the court is expected to be made by the end of 2023 or early 2024 in response to these appeals from Imena.

Since the announcement of Grail's acquisition, Meina's stock price has suffered a heavy decline. The current market value has plummeted by more than two-thirds from $75 billion in August 2021 to $20 billion. Since the beginning of this year, the company's stock price has fallen by 36%.

In the past two years, Imena has also experienced a game with radical investor Carl Icahn and ultimately dismissed former CEO Francis de Souza. Last month, the board of directors appointed Jacob Thaysen, a 48 year old former executive of Agilent, a medical equipment company, as the new CEO.

At the same time, there have been recent personnel changes in Meina China. According to a reporter from First Financial, Li Qing, the head of Meina China, has officially resigned this week and will be appointed as the head of another medical equipment company, Waters China. Due to the fact that Meina China has informed First Financial reporters that the work of the General Manager in China is currently being represented by Ma Haiyan, Vice President of Sales in China.

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