Illumina to Buy Gates, Bezos-Backed Grail in $8 Billion Deal (3)

Illumina Inc.’s shares fell after the genetic sequencing giant agreed to acquire Grail Inc. in a deal valuing the cancer-detection startup at $8 billion.

Grail shareholders will receive $3.5 billion in cash and $4.5 billion in Illumina common stock, the companies said in a statement Monday. Both companies’ boards of directors have approved the transaction.

Illumina is a dominating player in DNA sequencing. Grail, whose investors include Bill Gates and Jeff Bezos, is developing a blood test that aims to detect multiple cancers far earlier than is now possible. While the company said the deal will let Illumina ...