Illumina board agrees to spin off Grail, as divestment plans proceed

Illumina stated Monday afternoon that its board of administrators had accredited a spin-off of its most cancers take a look at subsidiary Grail, signaling {that a} practically four-year-long, $8 billion saga will lastly draw to an in depth this month.

Shares within the newly unbiased Grail are anticipated to be distributed on June 24, Illumina stated in an announcement. Illumina will retain a 14.5% stake within the firm, which is able to commerce below the ticker $GRAL.

It’s the second time Illumina has spun off Grail, which initially started as a unit throughout the DNA sequencing large in 2015. Illumina turned it into an unbiased firm the next yr however then agreed to reacquire it for $8 billion in September 2020.