Illumina’s Completed Divestiture of GRAIL

On June 24, 2024, Illumina, Inc. (“Illumina”), a global leader in DNA sequencing and array-based technologies, announced the successful completion of the spin-off of GRAIL, a healthcare company whose mission is to detect cancer early. This follows Illumina’s previously announced plans to divest GRAIL, and GRAIL is now a public and independent company. The separation was achieved through the distribution of 85.5% of the outstanding shares of GRAIL to holders of Illumina common stock on June 24, 2024. In addition to retaining their shares of Illumina common stock, Illumina shareholders received one share of GRAIL common stock for every six shares of Illumina stock held as of close of business on the record date of June 13, 2024. Illumina retained 14.5% of the outstanding shares of GRAIL common stock. Cravath represented Illumina in connection with the transaction.

The Cravath team is led by partners Ting S. Chen and Daniel J. Cerqueira and includes associates Saagar Kaul, Carly B. Sadicario and Cindy Yuan and foreign associate attorney Alessia Grassi on M&A matters; partner Andrew J. Pitts and associates Kiyana A. Grimes, Mary Jean Perzik and Phillip Hyun Suk Kwon on capital markets and securities law matters; partners George E. Zobitz and Christopher J. Kelly and associate Benjamin B. Arcano on financing matters; partner Ron Creamer and associate William Swisher on tax matters; partner Matthew J. Bobby, senior attorney Aaron S. Cha and associate Bianca Hsing on executive compensation and benefits matters; partners Michael J. Zaken and Jesse M. Weiss on antitrust matters; partner Kimberley S. Drexler and associate Filareti Kouimtzi Filaretou on corporate governance matters; and partner David J. Kappos and associates Carys J. Webb and Joanne Dynak on intellectual property matters.