Illumina Inc (NASDAQ:ILMN) stock traded on the front foot, up 5.6% at $134.25, after the company told investors it will seek a sale of its gene sequencing business Grail.
It comes after the European antitrust regulator, the European Commission, gave Illumina twelve months to sell the company it bought in 2021 for $7.1 billion.
In October, Illumina said it did not agree that the EC had jurisdiction over its acquisition, but, more recently, on Friday, a Federal US court also found the transaction to be anticompetitive.
The company has opted not to appeal and will seek to resell the business.
"We are committed to an expeditious divestiture of GRAIL in a manner that allows its technology to continue benefitting patients," chief executive Jacob Thaysen said in a statement.
"The management team and I continue to focus on our core business and supporting our customers.
“I am confident in Illumina's opportunities and our long-term success."