Carl Icahn was successful in ousting Illumina’s chair, however its CEO, Francis deSouza remains. Both analysts and investors believe this could further encourage Illumina to divest Grail.

Pink Sheet infographic breaks down the big pharma deals and required divestitures over the past four years. Seagen reports that Pfizer's acquisition of the company is expected to close late this year or in early 2024.

Illumina faces a difficult decision now that the US FTC has formally rejected its attempt to re-acquire Grail, the sequencing company it originally sold in 2016. The FTC and European regulators say the merger would stifle competition but the company plans to appeal the ruling.

The company has developed a technology that uses engineered DNA to reprogram cancer cells, forcing them to produce substances that could be used to help image, detect or even destroy them.