LONDON — The European Union on Wednesday issued an antitrust fine of $475 million to the U.S. genetic sequencing giant Illumina for closing its acquisition of cancer detection company Grail before clearing it with regulators.
The fine amounts to nearly 10% of Illumina’s annual global revenue, which is the most the European Commission can penalize a company under its merger regulations. The commission called Illumina’s actions “an unprecedented and very serious infringement” of the EU’s policies, including the “cornerstone” that regulators review deals that can alter the market.
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The commission also issued what it called a symbolic fine of 1,000 Euros, or about $1,100, to Grail for what it said was the firm’s “active role” in the deal’s infringement of EU rules.
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