Grail, the $1.9 billion, Jeff Bezos-backed liquid biopsy startup, may not be going public after all.
Wednesday morning, a week after the biotech filed for an IPO, Bloomberg reported that Illumina was closing in on a deal for the vaunted spinout. Grail spun out of the sequencing giant in 2017 and subsequently landed just under $2 billion from big-name investors on the promise of developing a blood test to detect cancer far earlier and less invasively than currently possible.
Given the cash that has already poured into the California biotech and how near they apparently are to making their test commercial, the dollar figure for such an acquisition would have to be considerable, although Illumina already owns 14.6% of the company. It was not clear how much Grail intended to raise in its IPO. T