Illumina to receive record EU fine related to Grail Inc. merger, Bloomberg says

Illumina is expected to be ordered to pay a record European Union fine in connection to its merger with Grail Inc., Bloomberg’s Samuel Solton, Angelica Peebles, and Stephanie Bodoni report, citing people familiar with the matter. The report states that the merger officials are set to issue a “gun-jumping” levy after the company closed the merger without receiving regulatory approval first. According to one source, the fine could be as high as 4% of Illumina’s revenue, though the company has already allocated $453M to cover the maximum penalty of 10% of annual revenue, the report adds.