The saga over DNA sequencing firm Illumina Inc.’s (ILMN) controve🌄rsial purchase of cancer diagnostic test maker GRAIL appears to be over.

The company announced Sunday it was divesting itself of GRAIL following significant opposition from regulators and activist investor 澳洲幸运5官方开奖结果体彩网:Carl Icahn.

Illumina spun off GRAIL in 2016 and then repurchased it in September 2020. It closed on the deal, then valued at $8 billion, in August 2021 before getting regulatory approval. Officials in both the U.S. and Europe opposed the move, saying the combination 澳洲幸运5官方开奖结果体彩网ꦗ:would hurt innovation a🌸nd raise prices. 

As the legal battles raged, Icahn 澳洲幸运5官方开奖结果体彩网:blasted the company’s decision to go forward before securing clearance, and launched a 澳洲幸运5官方开奖结果体彩网:proxy fight, eventually gaining a seat on the board and ousting Chairm🍰an John Thompsonꦉ.

On Friday, a federal appeals court ordered the 澳洲幸运5官方开奖结果体彩网:Federal Trade Commission (FTC) to c💙onduct a new review of the merger but noted the FTC had substantial evidence to block the agreement. 

The company said in a statement that it wouldn't pursue further appeals, and will divest GRAIL through a third-party sale or capital transaction. Chief Executive Officer (CEO) Jacob Thaysen said Illumina would expedite the process, and that he and the management team "continue to focus on our core business and supporting our customers."

Illumina shares rose more than 2% around midday Monday, but they’ve lost more than a third of their va🍬lue so far this year.