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Illumina enters USD 750 million credit agreement with J.P. Morgan Chase for GRAIL divestment
Precision Medicine
Jun 17, 2024
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Precision Medicine

Precision Medicine

Jun 17, 2024

Illumina enters USD 750 million credit agreement with J.P. Morgan Chase for GRAIL divestment

Funding

  • Illumina has announced a credit agreement of up to USD 750 million with J.P. Morgan Chase at a borrowing rate of approximately 6.7%. Illumina plans to draw the amount in full on June 20, 2024.

  • The proceeds will be invested toward GRAIL to support the company's planned divestment.

  • Analyst QuickTake: In December 2023, Illumina revealed its plans to divest GRAIL as per the European Commission's divestiture order. Prior to this, Illumina had spun off GRAIL in 2016 but retained a 12% stake and subsequently reacquired the company in 2021.

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