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illumina (Nasdaq: ILMN) a record fine from the European Union as early as next week after completing its purchase of cancer screening company Grail without the approval of the antitrust regulator.
The fine could reach $453 million, or 10% of the company’s revenue, according to the company To the Financial Times report on Tuesday, which cited people familiar with the matter.
“We do not agree that the committee has jurisdiction to review the Grail deal as well as with the premise of the committee imposing a fine,” Illumina told the Financial Times in a statement. “We have appealed to EU jurisdiction and will appeal any decision to impose a fine.”
Reuters first reported on the possible EU fine in January.
Last month, Francis D’Souza, the former CEO of Illumina, stepped down from his position. Activist Carl Icahn has been calling for the CEO to be fired, citing the company’s decision to acquire cancer test developer Grail despite regulatory opposition.