GRAIL→Illumina
Acquisition · Cash + Stock · ILMN · announced Sep 21, 2020
Announced
Sep 21, 2020
Closed
Aug 18, 2021
Economics
Cash + Stock()
Pre-deal · pre-deal mark: 2020, year precision · rounding grid ±$100M · Illumina 8-K filing, SEC EDGAR — GRAIL acquisition announcement
$8B cash + stock; GRAIL stockholders also receive tiered revenue-based payments
Target
GRAIL
Precision Medicine · Diagnostic / genomic
HQ Menlo Park, CA · Founded 2016
Multi-cancer early detection via blood-based screening (Galleri test) — uses cfDNA and machine learning to detect 50+ cancer types including breast and ovarian; spun out of Illumina
- Illumina press release (Sep 21, 2020)
- SEC EDGAR — Illumina merger filing
- GRAIL press release (Aug 18, 2021 — completion)
Acquirer
Illumina (ILMN)
Precision Medicine
HQ San Diego, CA
Why this buyer
Curated copy from the verified dataset — not an 8-K LLM summary
Galleri multi-cancer early detection test uses cfDNA to screen for 50+ cancer types including breast and ovarian — TAM estimated at $75B by 2035
Keyed registry citations
Public NCT or CPT URLs attached to this target — not a live name search
- NCT04241796PATHFINDER — Galleri MCED implementation study
- NCT05155605PATHFINDER 2 — Galleri MCED confirmatory cohort
Evidence ladder
Secondary (press / IR)
Illumina press release (Sep 21, 2020)
Tertiary (trade / analyst)
SEC merger filing
Tertiary (trade / analyst)
GRAIL completion announcement (Aug 18, 2021)
Primary (regulatory / filing)
SEC EDGAR 8-K https://www.sec.gov/Archives/edgar/data/1110803/000095015720001121/ex10-1.htm
Open source
Limitations
- $8B cash + stock; GRAIL stockholders also receive tiered revenue-based payments
- Pre-deal valuation sourced from: Illumina 8-K filing, SEC EDGAR — GRAIL acquisition announcement. Pre-deal market-cap and funding citations do not corroborate the acquisition.
Valuation peers · Precision Medicine
Same sector, same deal type, announced within ±3 years, disclosed value within 0.25×–4× of this transaction. Ranked by evidence class, then same acquirer.
| Target | Acquirer | Announced | Value | Why included |
|---|---|---|---|---|
| Genomic Health | Exact Sciences | Jul 29, 2019 | same evidence class | |
| Foundation Medicine | Roche | Jun 19, 2018 | same evidence class | |
| Varian Medical Systems | Siemens Healthineers | Aug 2, 2020 | value band |
Same-sector adjacency — not valuation peers
These deals share the sector tag and window but sit outside the 0.25×–4× value band. The dataset keeps them for clinical adjacency, not as price comps.
| Target | Acquirer | Announced | Value | Vs this deal |
|---|---|---|---|---|
| Seagen | Pfizer | Mar 13, 2023 | ||
| Flatiron Health | Roche | Jan 8, 2018 |
Patient empowerment context
Empowerment context — GRAIL
Curated survey mappingHLTH/Outcomes4Me 2022 surveyed breast cancer patients (n=1,828). Breast cancer care continuum (HLTH 2022). Rows below are analyst-curated mappings to cited survey items — not live patient outcomes for this target.
- Presented with clinical trial as treatment option (Company / product site)1 in 5cited HLTH 2022Mapping source →
- No survivorship care plan after active treatment (Company / product site)54%cited HLTH 2022Mapping source →
Other curated mappings on these gaps: Biotheranostics, Genomic Health, Foundation Medicine, Flatiron Health
Full cited gap matrix →Related verified workspaces
Lacuna is a curated public-source sample, not a census of women's-health M&A. Coverage varies by sector, geography, disclosure availability, and women's-health scope. Undisclosed transaction values are excluded from disclosed-value totals.
Curated verified dataset v9 · updated 2026-09-20 · 4 citations on this deal · Data compiled from public sources for educational visualization. Verify independently before any commercial use.