Gene sequencing firm announced plans on Monday to buy cancer screening startup in a cash-and-stock deal worth $8 billion.
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Grail (Nasdaq: GRAL) was founded in 2016 by San Diego-based Illumina as a separate company and had raised about $2 billion, with investors including Amazon’s Jeff Bezos and 聽co-founder Bill Gates. The deal comes weeks after Grail filed to go public.
Illumina (Nasdaq: ILMN) is Grail鈥檚 largest shareholder, holding a 14.5 percent stake. Grail stockholders, including Illumina, will receive $3.5 billion in cash and $4.5 billion in shares of Illumina stock, on Monday.
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