By Kim Mackrael BRUSSELS--The European Union has fined Illumina more than $400 million for proceeding with its acquisition of cancer-test developer Grail...
BRUSSELS--The European Union has fined Illumina more than $400 million for proceeding with its acquisition of cancer-test developer Grail Inc. before the bloc's antitrust watchdog had decided whether to approve the deal.
The European Commission, the EU's executive arm, said Wednesday that it is issuing a fine worth 10% of Illumina's worldwide annual revenue, the maximum allowable amount, for breaching a rule that says companies must put mergers on hold during an investigation. It said on Wednesday that the fine would amount to approximately 432 million euros .
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