Illumina Board of Directors approves spin-off of GRAIL; declares spin-off dividend of GRAIL shares

"When-issued" trading expected to begin on or about June 12, 2024
Record date for distribution of GRAIL shares will be June 13, 2024
Distribution date for GRAIL shares anticipated to be June 24, 2024

Illumina, Inc. (NASDAQ: ILMN) today announced that its Board of Directors has approved the spin-off of GRAIL. GRAIL is anticipated to spin off from Illumina on June 24, 2024 and has applied to list on Nasdaq as "GRAL."

"Today's announcement marks a milestone for Illumina and signals an important step forward for the company, since the divestiture of GRAIL is one of our 2024 priorities," said Jacob Thaysen , CEO of Illumina. "As we prepare to lead the next era of genomics innovation, we believe GRAIL will play an important role in advancing the industry and improving human health. We will maintain a minority share of 14.5% in GRAIL and remain excited about GRAIL's breakthroughs in the fight against cancer. We also look forward to exploring opportunities where we can support GRAIL's work with industry-leading technologies and solutions."

Stock Distribution

Illumina shareholders will retain their current shares of Illumina common stock and, on the distribution date, also receive one share of GRAIL common stock for every six shares of Illumina common stock held at the close of business on June 13, 2024 , the record date for the distribution. The distribution is expected to occur at 12:01 a.m. ET on June 24, 2024 , subject to customary conditions such as the effectiveness of the registration statement.

Illumina's Board of Directors has declared a pro rata dividend of 85.5% of the outstanding common stock of GRAIL to Illumina's shareholders, and Illumina will retain 14.5% of the outstanding shares of GRAIL common stock.

Fractional shares of GRAIL common stock will not be distributed to Illumina shareholders. Instead, the fractional shares of GRAIL common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in cash payments to Illumina shareholders who would otherwise receive a fractional share of GRAIL common stock.

No action or payment is required by Illumina shareholders to receive shares of GRAIL common stock or cash in lieu of fractional shares. An Information Statement containing details regarding the distribution of the shares of GRAIL common stock, GRAIL's business and management following the spin-off, and other information regarding the spin-off will be made available to Illumina shareholders prior to the distribution date.

For U.S. federal income tax purposes, Illumina's U.S. shareholders (other than those subject to special rules) generally should not recognize gain or loss as a result of the distribution of GRAIL shares, except with respect to cash received in lieu of fractional shares. Illumina shareholders are urged to consult with their tax advisors with respect to the U.S. federal, state, and local or foreign tax consequences, as applicable, of the spin-off.

Trading Details

Beginning on or about June 12, 2024 , and continuing until, but not including, the distribution date, it is expected that GRAIL common stock will trade on a "when-issued" basis on Nasdaq under the ticker symbol "GRAL WI." On Friday, June 21, 2024 , when-issued trading of GRAIL common stock will end and on Tuesday, June 25, 2024 , GRAIL common stock will begin trading "regular way" on Nasdaq under the ticker symbol "GRAL." Illumina will continue to trade on Nasdaq under the ticker symbol "ILMN."

Also beginning on or about June 12, 2024 , and continuing until, but not including, the distribution date, it is expected that there will be two markets in Illumina common stock. Illumina shares that trade in the "regular way" market under the symbol "ILMN" will trade with an entitlement to shares of GRAIL common stock to be distributed pursuant to the distribution. Illumina shares that trade in the "ex-distribution" market under the symbol "ILMN WI" will trade without an entitlement to shares of GRAIL common stock.

Illumina shareholders who sell their shares in the "regular way" market before the distribution date, will also be selling their entitlement to receive GRAIL common shares in the distribution. Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling Illumina common stock on or before the distribution date.

For more information about the distribution, please contact the distribution agent, Computershare Trust Company, N.A., at 150 Royall Street, Canton, MA 02021 or at the telephone number 877-373-6374.

Use of forward-looking statements

Some of the statements in this press release, particularly those relating to the ability to successfully complete the spin-off on a tax-free basis, within the expected time frame or at all, are forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Actual results could differ materially from expectations expressed or implied in the forward-looking statements if one or more of the underlying assumptions or expectations prove to be inaccurate or are unrealized. Important factors that could cause actual results to differ materially from such expectations are and will be detailed in (i) with respect to Illumina, Illumina's most recent Annual Report on Form 10-K and subsequent Quarterly Report on Form 10-Q, including in each case under the heading Risk Factors, and in Illumina's other filings with the U.S. Securities and Exchange Commission (the "SEC") and (ii) with respect to GRAIL, GRAIL's registration statement on Form 10 filed with the SEC on May 6, 2024 (as amended and further supplemented). These forward-looking statements are based on management's current expectations and are subject to certain risks, uncertainty, and changes in circumstances including, without limitation, whether the spin-off will be consummated on the expected terms, or at all. Neither Illumina nor GRAIL undertake responsibility for updating these statements, and these statements speak only as of the date of this press release.

About Illumina

Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as a global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical, and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture, and other emerging segments. To learn more, visit www.illumina.com and connect with us on X (Twitter) , Facebook , LinkedIn , Instagram , TikTok , and YouTube .

About GRAIL

GRAIL is a healthcare company whose mission is to detect cancer early, when it can be cured. GRAIL is focused on alleviating the global burden of cancer by using the power of next-generation sequencing, population-scale clinical studies, and state-of-the-art machine learning, software, and automation to detect and identify multiple deadly cancer types in earlier stages. GRAIL's targeted methylation-based platform can support the continuum of care for screening and precision oncology, including multi-cancer early detection in symptomatic patients, risk stratification, minimal residual disease detection, biomarker subtyping, treatment and recurrence monitoring. GRAIL is headquartered in Menlo Park, CA with locations in Washington, D.C. , North Carolina , and the United Kingdom . GRAIL, LLC, is a subsidiary of Illumina, Inc. (NASDAQ: ILMN) currently held separate from Illumina, Inc. under the terms of the Interim Measures Order of the European Commission. For more information, visit grail.com .

Illumina investors:
Salli Schwartz
858-291-6421
IR@illumina.com

Illumina media:
Bonny Fowler
740-641-5579
PR@illumina.com

GRAIL investors:
Alex Dobbin
IR@grail.com

GRAIL media:
Trish Rowland
Kristen Davis
PR@grail.com

View original content: https://www.prnewswire.com/news-releases/illumina-board-of-directors-approves-spin-off-of-grail-declares-spin-off-dividend-of-grail-shares-302162479.html

SOURCE Illumina, Inc.

News Provided by PR Newswire via QuoteMedia

Illumina Inc.ILMN:US NASDAQ:ILMN:US

ILMN:US

Illumina launches latest chemistry across most popular mid-throughput sequencers, enabling higher quality and greater speed for customers at lower cost

Illumina Inc. (NASDAQ: ILMN), a global leader in DNA sequencing and array-based technologies, announced that it has completed integration of its latest chemistry, XLEAP-SBS ™ into all reagents for its NextSeq ™ 1000 and NextSeq 2000 next-generation sequencing (NGS) instruments.

"We are excited to deliver for our NextSeq 1000/2000 customers improved sequencing with faster run times, better quality, and higher output—all at lower cost per kit," said Jason Johnson , head of Global Product Management at Illumina. "XLEAP-SBS chemistry on NextSeq 1000/2000 will enable labs to perform bigger NGS projects without raising the budget, and facilitate greater adoption of multiomic approaches."

In March, the company launched its P4 flow cell (highest output of 540 Gb) with XLEAP-SBS chemistry for the NextSeq 2000, and today it announced that the XLEAP-SBS P1, P2, and P3 flow cells are all now available. XLEAP-SBS chemistry is a faster, higher quality, and more robust sequencing-by-synthesis chemistry that delivers approximately 20% faster turnaround times.

Early-access customers have shared positive feedback on improved quality, stability, and run times. Marc Monot , PhD, head of Biomics at the Institut Pasteur, said, "We were very happy with the quantity and quality of the reads. The Q is very close to Q40 and the stability is a game changer for Illumina. From the first base to the last base, [Illumina] improved the quality of the run quite a lot."

The NextSeq 1000 and NextSeq 2000 Systems are flexible and scalable mid-throughout sequencers that enable a range of applications, including single-cell, whole-exome, and RNA sequencing.

Use of forward-looking statements

This release contains forward-looking statements that involve risks and uncertainties, including the expectation for lower costs related to the storing and managing of genomic data costs. Among the important factors that could cause actual results to differ materially from those in any forward-looking statements are: (i) challenges inherent in developing and launching new products and services, including meeting manufacturing, quality, and performance requirements; (ii) our ability to deploy new products, services, and applications, and to expand the markets for our technology platforms; and (iii) the acceptance by customers of our newly launched products, which may or may not meet our and their expectations once deployed, together with other factors detailed in our filings with the Securities and Exchange Commission, including our most recent filings on Forms 10-K and 10-Q, or in information disclosed in public conference calls, the date and time of which are released beforehand. We undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts' expectations, or to provide interim reports or updates on the progress of the current quarter.

About Illumina

Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as a global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical, and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture, and other emerging segments. To learn more, visit illumina.com and connect with us on X , Facebook , LinkedIn , Instagram , TikTok , and YouTube

Contacts

Investors:
Salli Schwartz
858-291-6421
IR@illumina.com

Media:
Samantha Beal
PR@illumina.com

View original content to download multimedia: https://www.prnewswire.com/news-releases/illumina-launches-latest-chemistry-across-most-popular-mid-throughput-sequencers-enabling-higher-quality-and-greater-speed-for-customers-at-lower-cost-302162971.html

SOURCE Illumina, Inc.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

Illumina appoints Everett Cunningham Chief Commercial Officer

Cunningham previously served as CCO for Exact Sciences and brings more than 20 years of commercial leadership across healthcare tech, life sciences, and pharma

- Illumina, Inc. (NASDAQ: ILMN), a global leader in DNA sequencing and array-based technologies, today announced the appointment of Everett Cunningham as Chief Commercial Officer (CCO), effective June 10.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

Illumina drives genomic testing as standard of care in oncology through collaborative research presented at ASCO

Studies presented represent key focus areas, including building evidence for clinical utility of comprehensive genomic profiling; overcoming market access barriers, and progressing the whole-genome approach for MRD

Illumina Inc. (NASDAQ: ILMN), a global leader in DNA sequencing and array-based technologies, today announced some of its latest research being presented at the American Society of Clinical Oncology (ASCO) Annual Meeting, May 31–June 4 in Chicago . Highlights include data from several studies in partnership with Labcorp, a global leader of innovative and comprehensive laboratory services; research with Sarah Cannon Research Institute (SCRI) demonstrating further evidence to support the use of comprehensive genomic profiling (CGP) over single-gene testing (SGT); and the latest data supporting the development of Illumina's molecular residual disease (MRD) assay, which is currently underway in collaboration with major pharma companies. In total, Illumina had 14 abstracts accepted to the meeting.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

Illumina releases 2023 Corporate Social Responsibility Report

Illumina Inc. (NASDAQ: ILMN), a global leader in DNA sequencing and array-based technologies, today published its fifth annual Corporate Social Responsibility (CSR) Report. The report highlights the company's ongoing commitments and progress made in 2023 toward advancing human health by serving as a champion for patients, communities, employees, and the planet.

"At Illumina, we are guided by our mission to improve human health by unlocking the power of the genome," said Jacob Thaysen , CEO of Illumina. "Our customers, partners, and employees continue taking bold, meaningful steps to accelerate access to genomics, empower our communities, integrate environmental sustainability into our business strategy, nurture our people, and operate responsibly."

Illumina's CSR program is rooted in four key focus areas, and the company's 2023 CSR Report demonstrates progress in each:

Accelerating access to genomics : Illumina continues to bring the benefits of genomics to more people by driving down the cost of sequencing, expanding into new markets, and increasing the diversity of genomic data. In 2023, Illumina trained more than 27,000 health care professionals and continued its advocacy for health care coverage for genomic testing, which increased from 1.2 billion to 1.3 billion. The company also launched several new products, including the NovaSeq™ X Series, powered by XLEAP-SBS™ chemistry; the TruSight™ Oncology 500 ctDNA v2 research assay, enabling comprehensive genomic profiling from liquid biopsy samples; and the 25B flow cell, which can generate tens of thousands of whole genomes per year at the lowest cost per sample of any Illumina platform.
Nurturing our people and communities : In 2023, Illumina maintained a zero net pay gap for the fifth consecutive year and reached 45% female representation in the workforce, with a 5% increase in female leadership roles over the last three years. Illumina also strives to create a purpose-driven culture, and in 2023, nearly 60% of employees worldwide participated in charitable giving and volunteering.
Integrating environmental stewardship : As the genomics industry leader, Illumina plays a crucial role in contributing to a healthier planet. The Illumina NovaSeq X Series, which debuted in 2023, uses significantly more sustainable reagents, resulting in 90% less packaging weight and waste, 50% less plastic, and a 61% reduction in climate change impact. Additionally, 100% of Illumina's global electricity consumption came from renewable sources for the second consecutive year.
Operating responsibly : In 2023, Illumina strengthened its dedication to ethical business practices and operational integrity by ensuring that 100% of its core facilities participated in third-party audit programs. Illumina also expanded its ISO data privacy certification to include additional products and completed the EU-US and Swiss-US Data Privacy Framework (DPF) Self-Certification and ISO 27701 certification. Additionally, Illumina continues to exercise strong corporate governance with an independent Board of Directors (all independent with the exception of the CEO), an independent Board Chair, and 75% of standing committees chaired by women.

The full report is available on Illumina's CSR website .

Forward-Looking Statements

This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding mandates, the future, business plans and other statements that are not historical in nature. These statements are made on the basis of Illumina's views and assumptions regarding future events and business performance and plans as of the time the statements are made. These forward-looking statements may be accompanied by such words as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "potential," "project," "target," "will" and other words and terms of similar meaning. Illumina does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not place undue reliance on forward-looking statements. Specific factors are set forth in Illumina's Annual Report on Form 10-K for the year ended January 1, 2023 under the caption "Risk Factors", in information disclosed in public conference calls, the date and time of which are released beforehand, and in filings with the Securities and Exchange Commission including, among others, quarterly reports on Form 10-Q.

About Illumina

Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as a global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical, and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture, and other emerging segments. To learn more, visit illumina.com and connect with us on X , Facebook , LinkedIn , Instagram , TikTok , and YouTube .

Contacts

Investors:
Salli Schwartz
858-291-6421
IR@illumina.com

Media:
Samantha Beal
PR@illumina.com

View original content to download multimedia: https://www.prnewswire.com/news-releases/illumina-releases-2023-corporate-social-responsibility-report-302157056.html

SOURCE Illumina, Inc.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

Anna Richo joins Illumina's Board of Directors

Ms. Richo brings more than 30 years of global legal, compliance, and regulatory experience to Illumina's Board

Illumina, Inc. (NASDAQ: ILMN) announced today that Anna Richo has joined the company's Board of Directors following shareholder approval of the director slate at the company's May 16, 2024 annual meeting. Ms. Richo currently serves as Corporate Senior Vice President, Strategic Advisor to the General Counsel and CEO at Cargill, Inc. a global food production and agricultural company.