While the lawsuit was filed under seal, Icahn noted, “I continue to believe in the company’s long-term potential, and I have full faith in Illumina’s new CEO and its employees.”
Illumina stated it is currently reviewing the complaint.
Illumina established Grail, spun it off, and later repurchased it in 2020. Icahn’s advocacy led to the Federal Trade Commission ordering the dissolution of the deal in April, with European regulators also scrutinizing the transaction.
Icahn had previously called for the removal of Illumina CEO Francis deSouza, who resigned in June. Additionally, he successfully orchestrated the removal of Illumina’s former board chair, John Thompson, and the election of one of his nominees, Andrew Teno, as a board member.
Illumina has appealed the FTC’s decision, emphasizing that the Grail acquisition was essential for widespread adoption of its cancer tests. Nevertheless, the company has indicated that it will “move expeditiously” to divest Grail if it doesn’t succeed in the FTC or European cases.
