Illumina, Inc., a global leader in DNA sequencing and array-based technologies, has successfully completed the spin-off of GRAIL, Inc., a healthcare company focused on early cancer detection. The distribution of approximately 85.5% of GRAIL's outstanding shares to Illumina stockholders was finalized on June 24, 2024, with GRAIL becoming an independent, publicly traded company on Nasdaq under the ticker symbol 'GRAL'. Illumina retains a 14.5% ownership interest in GRAIL post-distribution. The spin-off was executed through a share distribution to Illumina stockholders, with one share of GRAIL common stock allocated for every six shares of Illumina common stock held as of the record date, June 13, 2024. The transaction was completed without any consideration or share exchange from Illumina's stockholders. In connection...Show More

Illumina, Inc., a global leader in DNA sequencing and array-based technologies, has successfully completed the spin-off of GRAIL, Inc., a healthcare company focused on early cancer detection. The distribution of approximately 85.5% of GRAIL's outstanding shares to Illumina stockholders was finalized on June 24, 2024, with GRAIL becoming an independent, publicly traded company on Nasdaq under the ticker symbol 'GRAL'. Illumina retains a 14.5% ownership interest in GRAIL post-distribution. The spin-off was executed through a share distribution to Illumina stockholders, with one share of GRAIL common stock allocated for every six shares of Illumina common stock held as of the record date, June 13, 2024. The transaction was completed without any consideration or share exchange from Illumina's stockholders. In connection with the spin-off, Illumina and GRAIL entered into several agreements to outline the actions taken for the spin-off and to govern their post-spin-off relationship, including a Separation and Distribution Agreement, Tax Matters Agreement, Employee Matters Agreement, Stockholder and Registration Rights Agreement, and a Fourth Amendment to the Amended and Restated Supply and Commercialization Agreement. Illumina also announced upcoming events, including the release of its second quarter 2024 results on August 6 and a virtual Strategy Update on August 13. The company has also secured a $750 million credit facility to fund cash to GRAIL's balance sheet as part of the divestment process.