The investment firm said that Grail's revenue trajectory is uncertain, and given the firm's operating loss, it will significantly dilute Illumina's earnings.
The deal, which was approved by the boards of directors of both companies, is expected to close in the second half of 2021, pending customary conditions.
In its IPO prospectus, the company shared plans to broaden the use of its methylation technology from cancer screening to diagnostics and residual disease monitoring.
The company said the funds will support the continued development and commercialization of its genome-wide methylation assay for multi-cancer early detection.
The US Food and Drug Administration is to announce stricter standards for emergency authorizations of SARS-CoV-2 vaccines, reports the Washington Post.
