Illumina mentioned Monday afternoon that its board of administrators had accepted a spin-off of its most cancers check subsidiary Grail, signaling {that a} practically four-year-long, $8 billion saga will lastly draw to a detailed this month.
Shares within the newly impartial Grail are anticipated to be distributed on June 24, Illumina mentioned in a press release. Illumina will retain a 14.5% stake within the firm, which can commerce underneath the ticker $GRAL.
It’s the second time Illumina has spun off Grail, which initially started as a unit inside the DNA sequencing big in 2015. Illumina turned it into an impartial firm the next yr however then agreed to reacquire it for $8 billion in September 2020.
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