: Illumina responds to EC Grail divestiture order

Illumina Inc. ILMN responded Friday to an order it received Thursday from the European Commission directing the company to divest its $7.1 billion acquisition of cancer-test maker Grail. Illumina said it has 12 months to divest Grail, with a potential three-month extension, and “will be permitted to explore a range of structures including, but not limited to, a third-party sale or a capital markets transaction.” The company said in a statement it was committed to resolving all issues in a timely manner. “Notably, the terms of the order provide for flexibility in transaction structure, an encouraging outcome from Illumina’s ongoing dialogue with the EC,” Illumina said. Illumina shares declined 0.7% in Friday trading.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.