An advocate general (AG) for the E.U. Court of Justice did not mince words in calling out the European Commission for its “very significant extension of the scope of the Merger Regulation and of the commission’s jurisdiction” in reviewing Illumina Inc.’s $7.1 billion acquisition of Grail LLC.
Mercy Bioanalytics Inc. stepped into the increasingly competitive early cancer detection field with a $41 million series A financing round to support its Halo liquid biopsy platform. Novalis Lifesciences led the oversubscribed round with participation from Sozo Ventures, Hatteras Venture Partners, Iselect Fund, American Cancer Society BrightEdge and Broadway Angels, an all-women venture capital group. Laboratory Corp. of America Holdings, Bruker Corp. and existing investors also contributed to the round.
Thirteen months after Illumina Inc. and Grail Inc. merged, prior to regulatory approval, the deal has taken a turn for the worse. The prognosis looked better following an administrative law judge’s ruling Sept. 1 against the U.S. Federal Trade Commission’s lawsuit seeking to block the transaction, but the European Commission (EC) issued a decision Sept. 6 prohibiting the deal based on the likelihood that a merger would stifle innovation and limit choices in the early cancer detection liquid biopsy market.
