The head of Illumina, the world’s largest gene sequencing company, has warned that EU attempts to block its $8bn acquisition of cancer-test maker Grail will cost lives and have a chilling effect on biotech investment.
“We can get this test out around the world more quickly and affordably than Grail can on its own,” Francis deSouza told the Financial Times.
“There is no question that us acquiring and integrating Grail will save many, many lives. And if we are forced to spin it out, you know, those lives will not be saved.”
Illumina, which has a $63bn market capitalisation, is a US-based provider of DNA sequencing technology that is a critical component in the type of multi-cancer early detection tests developed by Grail. US and EU regulators have expressed concerns that Illumina could withhold access to its technology from potential competitors of Grail, limiting competition in the testing market.
DeSouza denied Illumina had any incentive to do this as it earned most of its revenue through sales of its DNA sequencing technology. (FT)