Is Illumina Making an $8 Billion Blunder?

Illumina (NASDAQ:ILMN) announced on Monday morning that it plans to acquire GRAIL for $8 billion. The news came less than two weeks after GRAIL filed for an IPO. The deal confirmed reports that surfaced last week about Illumina's interest in buying the cancer diagnostics start-up.

But many investors aren't fans of this acquisition. Is Illumina making an $8 billion blunder?