Illumina’s stock falls after WSJ report of $7.1 billion cash and stock deal to buy Grail

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Shares of Illumina Inc. dropped 2.7% in premarket trading Monday, after the gene sequencing company has struck a deal to pay $7.1 billion in cash and stock to buy the part of Grail Inc. that it doesn’t already own, according to a report in The Wall Street Journal. The report said the deal for the developer of a blood test that helps detect cancer, is expected to be announced Monday. The deal includes $3.1 billion in cash and $4 billion in Illumina shares. The stock has dropped 10.9% year to date through Friday, while the iShares Nasdaq Biotechnology ETF has rallied 13.1% and the S&P 500 has gained 2.8%.
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