EU orders biotech giant Illumina to unwind $7.1 billion purchase of cancer-screening company Grail

The European Union is ordering U.S. biotech giant Illumina to undo its $7.1 billion purchase of cancer-screening company Grail because it closed the deal without approval of regulators. The 27-nation bloc already slapped a $475 million fine on Illumina over the summer for jumping the gun on the acquisition without its consent. Now, EU antitrust Commissioner Didier Reynders says the order Thursday to unwind the deal “restores competition in the development of early cancer detection tests.” He added that the move also ensures “a level playing field in this crucial market to the ultimate benefit of European consumers.”