NEW YORK – Illumina said Monday after the close of the market that it has successfully spun off liquid biopsy firm Grail.
As proposed earlier this month, Illumina shareholders received one share of Grail common stock for every six shares of Illumina stock held as of June 13. Illumina has retained a 14.5 percent stake in Grail.
In Tuesday morning trading on the Nasdaq, shares of Grail opened at $18.89 and fell 15 percent to $15.85 while shares of Illumina were flat at $109.35.
"Grail plays a critical role in the fight against cancer, and while the company is no longer part of Illumina, we remain confident in its future and will continue to support Grail with our sequencing technology, end-to-end workflows, and suite of services," Illumina CEO Jacob Thaysen said in a statement.
Illumina noted that on June 20, it drew in full its $750 million credit facility from JP Morgan to help fund the divestment.