GRAIL to host Capital Markets Day on
May 13, 2024
SAN
DIEGO, May 6, 2024 /PRNewswire/ -- Illumina, Inc.
(NASDAQ: ILMN) today announced that it has publicly filed a Form 10
registration statement with the U.S. Securities and Exchange
Commission ("SEC"), in connection with its intended divestiture of
GRAIL. A version of this registration statement was submitted to
the SEC last December as required.
The Form 10 includes detailed information about GRAIL, including
historic financial information, a description of GRAIL's business
and strategy, and other legal and financial disclosures. This
filing is a necessary step for a capital markets transaction;
however, it is not an indication of the means by which Illumina
will ultimately divest GRAIL. A copy of the Form 10 is available on
the SEC website and in the Investor Info section of
Illumina's website at investor.illumina.com.
"Illumina remains committed to divesting GRAIL expeditiously,
and on terms consistent with our divestment plan, which was
approved by the European Commission. Our goal is to finalize the
divestiture terms by the end of the second quarter of 2024," said
Jacob Thaysen, CEO of Illumina.
"Illumina's Board and management team continue to focus on our core
business, supporting our customers, and driving long-term
growth."
GRAIL Capital Markets Day to take place on May 13
GRAIL will host a virtual Capital Markets Day that will begin at
7:00 am PT / 10:00 am ET on May 13,
2024. The event will feature presentations from GRAIL
leaders outlining Galleri, a clinically validated, commercially
available multi-cancer early detection test, and the Company's
scientific background and addressable market opportunity, business
strategy, and financial profile. The event will include a live
Q&A session following speaker presentations.
Interested parties may access the live teleconference here.
Transaction details
In the event of a capital markets separation, the transaction is
intended to qualify as a tax-free distribution, for U.S. federal
income tax purposes, to U.S. shareholders of new publicly traded
stock in GRAIL. To that end, Illumina has received a favorable
ruling from the IRS with respect to the tax-free nature of the
transaction.
Illumina intends to finalize the terms of the divestiture in
second quarter 2024 in a manner consistent with its divestment
plan, which was approved by the European Commission, and subject to
the satisfaction of certain conditions including, among others,
final approval of Illumina's Board of Directors and the
effectiveness of a Form 10 registration statement that will be
filed with the U.S. Securities and Exchange Commission. There can
be no assurance regarding the ultimate timing of the proposed
transaction or that the transaction fund will be
completed.
About Illumina
Illumina is improving human health by unlocking the power of the
genome. Our focus on innovation 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 www.illumina.com and connect with us on X
(Twitter), Facebook, LinkedIn, Instagram, TikTok, and
YouTube.
About GRAIL
GRAIL is a healthcare company whose mission is to detect cancer
early, when it can be cured. GRAIL is focused on alleviating the
global burden of cancer by using the power of next-generation
sequencing, population-scale clinical studies, and state-of-the-art
machine learning, software, and automation to detect and identify
multiple deadly cancer types in earlier stages. GRAIL's targeted
methylation-based platform can support the continuum of care for
screening and precision oncology, including multi-cancer early
detection in symptomatic patients, risk stratification, minimal
residual disease detection, biomarker subtyping, treatment and
recurrence monitoring. GRAIL is headquartered in Menlo Park, CA with locations in Washington, D.C., North Carolina, and the United Kingdom. GRAIL, LLC, is a subsidiary of
Illumina, Inc. (NASDAQ: ILMN) currently held separate from Illumina
Inc. under the terms of the Interim Measures Order of the European
Commission. For more information, visit grail.com.
Illumina investors:
Salli Schwartz
858-291-6421
IR@illumina.com
Illumina media:
Samantha Beal
714-227-2661
PR@illumina.com
GRAIL investors:
Alex Dobbin
IR@grail.com
GRAIL media:
Trish Rowland
Kristen Davis
PR@grail.com
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SOURCE Illumina, Inc.