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GRAIL (GRAL) will begin trading on the Nasdaq as a publicly-listed independent company on Tuesday, after Illumina (NASDAQ:ILMN) completed the spinoff of the cancer test developer following regulatory pressure.
It will be listed and begin regular trading on the Nasdaq under the symbol “GRAL” as of June 25, 2024, Grail (GRAL) said in a statement late Monday.
However, the San Diego, California-based gene sequencing company will continue to own a 14.5% stake in Grail, the developer of the Galleri multi-cancer early detection test.
Pressure from EU regulators forced Illumina (ILMN) to select either a capital markets transaction or sale to divest the unit it acquired in 2021 for $7.1B, despite ongoing antitrust reviews.
Its management opted for the former option, giving investors one share of GRAIL common stock for every six shares of ILMN common stock.
“With the completion of the spinoff of GRAIL, we have achieved our goal of divesting GRAIL in a manner that allows its breakthrough technology to continue benefiting patients,” said Illumina’s newly-appointed CEO, Jacob Thaysen.