(RTTNews) – Illumina Inc. (ILMN) agreed to buy GRAIL, a healthcare company whose mission is focused on multi-cancer early detection, in a cash and stock transaction valued at about $8 billion.
The deal consists of $3.5 billion in cash and $4.5 billion in shares of Illumina common stock. Illumina currently holds 14.5% of GRAIL’s shares outstanding, and approximately 12% on a fully diluted basis.
Illumina expects to close the transaction in the second half of 2021.
Upon closing of the transaction, current Illumina stockholders are expected to own about 93% of the combined company, while GRAIL stockholders are expected to own about 7% based on the mid-point of the collar.
Illumina expects the transaction will be accretive to its revenue starting in 2021, and to meaningfully accelerate revenue growth over time.
Following the completion of the transaction, GRAIL will operate as a standalone division within Illumina.
GRAIL was founded by