Illumina Stock Tumbles As FTC Moves To Block $7.1 Billion Grail Acquisition

Illumina stock tumbled Tuesday after the Federal Trade Commission said it would challenge the company's takeover of liquid biopsy company Grail.

Late Tuesday, the FTC said it filed an administrative complaint and authorized a federal court to block the $7.1 billion acquisition. It argues the proposed acquisition will diminish innovation in the U.S. for multi-cancer early detection tests.