Illumina to spin off Grail in June

(Reuters) – Illumina (NASDAQ:), a maker of gene sequencing machines, said on Monday it expected to spin off cancer test maker Grail.

On June 24, shareholders of Illumina will receive one share of Grail common stock for every six shares of Illumina common stock held at the close of business on June 13, 2024.

Illumina said it would retain a 14.5% stake in Grail.