U.S. genetic testing company Illumina will face a record EU antitrust fine on Wednesday for closing its takeover of Grail before it secured approval from EU regulators, a person familiar with the matter said on Tuesday.
Reutersin January that the European Commission is set to hand out a fine of up to 10% of Illumina's global revenue, the maximum allowed under EU merger rules.
Illumina has set aside $458 million, representing 10% of its consolidated annual revenue for fiscal year 2022, as of Jan. 1 for a potential fine, according to a regulatory filing. That marks a slight increase from a previous provision of $453 million in the third quarter of last year. The European Commission, which eventually blocked the deal on anti-competitive concerns, declined to comment. It has taken a tough line against the practice of closing deals prior to final regulatory approval, fining several companies in the past for the offence.
Illumina has challenged the EU's veto of the deal, its decision to examine the case despite falling short of the revenue threshold for scrutiny, as well as the EU order to keep Grail separate so that it can unwind the deal.
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