EU opinion could mean Illumina no longer required to fund GRAIL, says Guggenheim

Guggenheim analyst Subbu Nambi noted that Advocate General Nicolas Emiliou issued an opinion to side with Illumina as part of Illumina’s jurisdictional appeal in the EU, urging the European Court of Justice to set aside the judgement on GRAIL. While AG opinion is non-binding, ECJ judges follow the AG opinion in the majority of cases and this could mean that Illumina will no longer be required to fund GRAIL for 2.5 years upon divestiture, the analyst tells investors. Guggenheim, which notes that the firm’s and the Street’s worst case scenario was almost $2.5B, keeps a Buy rating on Illumina shares.