Illumina-Grail has not been canary in FTC coal mine for biopharma M&A

Two years into the FTC’s challenge of the Illumina-Grail deal, which closely followed the commission’s announcement that it intended to expand oversight of life sciences M&A, it remains unclear how broadly the agency will apply its more aggressive stance toward therapeutics developers.

The latest development in the battle over the $7.1 billion acquisition of cancer screening company Grail Inc. by next-generation sequencing company Illumina Inc. (NASDAQ:ILMN) came Monday, when the FTC ordered Illumina to divest Grail, reversing a ruling by an administrative law judge in September 2022...