The lawsuit follows Illumina's $7 billion acquisition of cancer-detection company Grail. The deal has been tangled in regulatory challenges since it closed in 2021.
Activist investor Carl Icahn is suing Illumina's ex-CEO and members of its board over the nearly $7 billion acquisition of early cancer detection company Grail. The civil suit seeks millions of dollars in damages, as well as the removal of current board members from the San Diego DNA sequencing company. The complaint generally reiterates the issues raised by Icahn in previous months about the handling of the acquisition by Illumina’s leadership.
” Illumina is also named as a nominal defendant, meaning it is not responsible for the issues within the complaint, but the company is named due to its technical connection to the matter. The lawsuit was filed in the Delaware Court of Chancery on Oct. 17, but was unsealed on Friday. The public civil complaint — first reported on by Endpoints News — has portions redacted, which is a customary practice for cases involving corporations in the Delaware court.
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