Illumina shares underperformed on news that the company closed its acquisition of GRAIL despite regulatory reviews in the U.S. and EU that are still pending.

There is no precedent for applicable courts to use as a basis for validly concluding this acquisition violates antitrust law. Also, U.S. regulators were unnecessarily delaying their regulatory reviews in hopes of deterring Illumina and GRAIL from moving forward.

Grail is still a pre-revenue business, and it will be highly dilutive to Illumina’s earnings in the short term. Still, Illumina’s core business to strengthen as a result of this acquisition. earnings accretion from GRAIL in the intermediate-term as its liquid biopsy test appears to be effective for early cancer detection across 50 of the most lethal cancers.$Illumina(ILMN)$