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The US biotech corporation Illumina was penalized €432 million by the European Commission (EC) for acquiring US cancer test manufacturer Grail without the necessary antitrust clearance from the EU, according to a statement issued by the European Commission.
"The European Commission has fined Illumina and Grail approximately €432 million and €1,000 respectively for implementing their proposed merger before Commission approval in breach of EU merger control rules," the organization stated. The EC emphasizes that the businesses "knowingly and deliberately" committed this action.
The amount of the fine, as stated in the document, was chosen in accordance with the EU Merger Regulation (EUMR), which permits fines of up to 10% of the combined annual revenue of companies. This fine is the largest one ever issued in such cases in the EU, according to Reuters.
Illumina referred to the European regulator's decision as "unlawful, unjustified, and disproportionate" and said it intended to dispute it in court. The company added the European regulator cannot prevent the merger of the two US corporations.
source: reuters.com
"The European Commission has fined Illumina and Grail approximately €432 million and €1,000 respectively for implementing their proposed merger before Commission approval in breach of EU merger control rules," the organization stated. The EC emphasizes that the businesses "knowingly and deliberately" committed this action.
The amount of the fine, as stated in the document, was chosen in accordance with the EU Merger Regulation (EUMR), which permits fines of up to 10% of the combined annual revenue of companies. This fine is the largest one ever issued in such cases in the EU, according to Reuters.
Illumina referred to the European regulator's decision as "unlawful, unjustified, and disproportionate" and said it intended to dispute it in court. The company added the European regulator cannot prevent the merger of the two US corporations.
source: reuters.com
