Illumina, Inc. (NASDAQ: ILMN), a US-based global company that deals with DNA sequencing and array-based technologies, announced on Friday that it has received approval from the European Commission (EC) for its divestment plan for GRAIL.

While this does not mean the method of divestment has been finalised, the company says that it has reached an agreement with the EC on specific divestment options, which represents an important milestone in the process.

It continues to explore divesting GRAIL via either a trade sale or a capital markets transaction, each of which are expected by the plan approval. Illumina continues to explore divesting GRAIL through either a trade sale or a capital markets transaction, each of which are contemplated by the plan approved on Friday. In the event of a capital markets transaction, Illumina must capitalize GRAIL with two-and-a-half years of funding, which is estimated at approximately USD1bn based on GRAIL's long-range plan.

The company is aiming to work with the EC on approval of final terms consistent with the divestment plan. It is targeting finalisation of those terms by the end of the second quarter of 2024.