Illumina, Grail Risk ‘Hefty Fines’ for Jumping Gun on Deal (1)

Illumina Inc. and cancer-test provider Grail Inc. risk “hefty fines” after European Union regulators said they implemented their merger deal before the bloc’s ongoing review of the transaction has concluded.

The European Commission on Tuesday sent the companies a so-called statement of objections, calling Illumina’s moves to complete the takeover of Grail “a serious breach” of procedures in place during deal investigations.

“If companies jump the gun and implement deals that are subject to our review, they undermine the effective functioning of our EU merger control system,” EU Competition Commissioner Margrethe Vestager said in a statement.

The EU had imposed ...