On June 17, 2022, the European Union flag flutters outside the EU Commission headquarters in Brussels. — Reuters photo
Wednesday, July 13, 2022 19:35 MYT
Luxembourg, July 13-U.S. life sciences company Illumina has today lost its challenge to the European Union’s acquisition of US $ 8 billion (RM3 billion) of cash and shares in Grail. Do so.
The case is head of EU antitrust law that wants to extend the European Commission’s ability to consider the acquisition of start-ups by large companies that may seek to keep out early rivals, especially in technology and pharmaceutical trading. Important for Margrethe Vestager.
Her critics see it as a power grab that has sounded a warning at some domestic competitors.
Illumina said it would appeal the ruling to the European Court of Justice, the Supreme Court of Europe.
“The Commission has the ability to investigate concentration that does not have a European aspect or is not within the national merger management rules of the member states of the European Union or the Parties to the Agreement on the European Economic Area,” he said in general. The court said.
The judge dismissed Illumina’s complaint that the actions of EU competitors overturned legal certainty and legitimate expectations in the merger process.
They said they could not show that the company “received an accurate, unconditional and consistent guarantee that came from a licensed and reliable source, such as entertaining well-founded expectations.” ..
The European Commission said it had taken the Illumina proceedings at the request of Belgium, France, Greece, Iceland, the Netherlands and Norway, but Grail was not active in Europe and did not require approval from these countries. rice field.
In September 2020, Illumina announced an agreement to provide access to Garelli’s flagship product, the Garelli Blood Test, which is used to diagnose cancer in the early stages of easy treatment of the disease.
The acquisition was completed in August 2021 without waiting for EU approval, after which Grail was instructed to separate and have an independent manager run the company until regulators completed the investigation in a separate procedure. rice field.
The case is T-227 / 21 Illumina v Committee. — Reuters
https://www.malaymail.com/news/money/2022/07/13/illumina-loses-challenge-against-eu-antitrust-probe-into-grail-deal/17257 Illumina loses challenge to EU antitrust investigation into Grail contracts