San Diego's Illumina gets split decision in proxy fight with activist investor Carl Icahn [Breaking]
San Diego’s Illumina dodged the worst in its proxy fight with activist investor Carl Icahn — though shareholders nonetheless expressed frustration over the ongoing regulatory turmoil surrounding the company’s $7.1 billion acquisition of early cancer detection startup Grail.
Eight other directors nominated by Illumina retained their seats, including Chief Executive Francis deSouza. He became a lightning rod for criticism during the proxy war over the company’s strategy and performance, with Icahn pushing for his ouster.Meanwhile, shareholders rejected the company’s advisory vote on executive compensation — known as say-on-pay. It is unusual for say-on-pay proposals to fail, though it’s not unheard of.
“We appreciate the constructive shareholder feedback throughout this process and are committed to delivering on our plan to accelerate shareholder value creation,” the company said in a statement. Grail makes a diagnostic test that screens for 50 different types of cancer via a single blood test. To date, some 85,000 Grail tests have been done, and a 140,000-patient clinical trial is expected to begin soon in the United Kingdom.
Illumina is appealing in court. It expects decisions later this year or early next. Anti-monopoly regulators say the acquisition would hurt competition because Grail’s putative rivals also rely on Illumina’s gene sequencing equipment.
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